8-KMaterial AgreementsExhibits & Filings

STRYKER CORP 8-K Report, Material Agreement (Dec 2, 2019)

Filed December 2, 2019For Securities:SYK

Summary

Stryker Corporation (SYK) filed an 8-K on December 2, 2019, to announce the entry into a material definitive agreement for an underwritten public offering of debt securities. The company entered into an Underwriting Agreement on November 25, 2019, with several underwriters, including Barclays Bank PLC, BNP Paribas, Goldman Sachs & Co. LLC, and Morgan Stanley & Co. International plc. This offering is crucial for Stryker as it aims to raise approximately €2,376 million (or $2,621 million) in net proceeds. The primary use of these substantial funds is to finance the recently announced acquisition of Wright Medical Group N.V. and cover associated fees and expenses. Any remaining proceeds will be allocated to general corporate purposes. The offering is expected to close on December 3, 2019, and is separate from the closing of the Wright Medical acquisition, which will occur later.

Key Highlights

  • 1Stryker Corporation entered into an Underwriting Agreement for a public offering of debt securities.
  • 2The offering aims to raise approximately €2,376 million (or $2,621 million) in net proceeds.
  • 3The primary use of proceeds is to fund the acquisition of Wright Medical Group N.V.
  • 4The debt securities include three tranches: €850 million of 0.250% Notes due 2024, €800 million of 0.750% Notes due 2029, and €750 million of 1.000% Notes due 2031.
  • 5The offering is expected to close on December 3, 2019.
  • 6The closing of the debt offering is not contingent on the completion of the Wright Medical acquisition.

Frequently Asked Questions

The primary purpose of this debt offering is to raise capital to fund Stryker's recently announced acquisition of Wright Medical Group N.V. and to cover related fees and expenses.

Stryker estimates that the net proceeds from the offering will be approximately €2,376 million, which is equivalent to $2,621 million based on the exchange rate provided in the filing.

The debt offering is expected to be completed on December 3, 2019, subject to customary closing conditions.

No, the closing of the debt offering is not conditioned on the consummation of the Wright Medical acquisition. The acquisition is expected to close after the debt offering is completed.