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by Pankti Antani
Sep 16, 2026 9:33 AM ET
Smith & Nephew Plc Announces Pricing of Cash Tender Offer for 2030 Bonds
Smith+Nephew announces pricing of its cash tender offer for up to $250 million of its outstanding 2.032% notes due 2030
LONDON, UK / ACCESS Newswire / September 15, 2026 / Smith+Nephew, the global medical technology company (the "Company") (LSE:SN)(NYSE:SNN), announced today the pricing of its previously announced offer to purchase for cash (the "Tender Offer"), upon the terms and subject to the conditions set forth in an offer to purchase dated September 8, 2026 (the "Offer to Purchase"), up to U.S.$250 million aggregate principal amount (the "Maximum Tender Amount") of the Company's 2.032% Senior Notes due 2030 (the "Notes") from each registered holder of the Notes (each a "Holder" and collectively, the "Holders"). The Tender Offer is made upon and is subject to the terms and conditions set forth in the Offer to Purchase. Capitalized terms not otherwise defined in this announcement have the same meaning as assigned to them in the Offer to Purchase.
Holders are advised to read carefully the Offer to Purchase for full details of, and information on the procedures for participating in, the Tender Offer. The Reference Yield of the Reference Treasury Security at the Price Determination Date and the Tender Offer Consideration are detailed in the table below.
Title of Security | CUSIP/ISIN(1) | Aggregate Principal Amount Outstanding | Reference U.S. Treasury Security | Fixed Spread (basis points) | Bloomberg Reference Page(2) | Reference Yield | Tender Offer Consideration(3) |
2.032% Senior Notes due 2030 (Maturity date: October 14, 2030) | 83192P AA6 / US83192PAA66 | $900,000,000 | 4.375% U.S. Treasury due August 31, 2031 | 55bps | FIT1 | 4.833% | U.S.$878.90 per U.S.$1,000 principal amount |
(1) No representation is made as to the correctness or accuracy of the CUSIP or ISIN numbers listed in this announcement or printed on the Notes. They are provided solely for convenience.
(2) The Bloomberg Reference Page is provided for convenience only. To the extent any Bloomberg Reference Page changes prior to the Price Determination Date (as defined in the Offer to Purchase), the Dealer Manager (as defined below) referred to below will quote the Reference Treasury Security from the updated Bloomberg Reference Page.
(3) Per U.S.$1,000 principal amount of Notes validly tendered and accepted for purchase pursuant to the Tender Offer. Does not include accrued and unpaid interest.
Tender Offer Consideration
The Tender Offer Consideration for each $1,000 principal amount of Notes validly tendered and accepted for purchase pursuant to the Tender Offer was determined in the manner described in the Offer to Purchase by reference to the Fixed Spread specified in the Offer to Purchase over the Reference Yield based on the bid-side price of the Reference Treasury Security specified in the Offer to Purchase, as calculated by the Dealer Manager at 4:00 p.m., New York City time, today, September 15, 2026, as set out in the table above.
The Tender Offer will expire at 5:00 p.m., New York City time, today, September 15, 2026 (the "Expiration Time"), unless extended or earlier terminated. The Company expects to announce the results of the Tender Offer as soon as practicable on the day following the Expiration Time, expected to be tomorrow, September 16, 2026, unless extended by the Company.
Subject to the terms and conditions of the Tender Offer, in addition to the Tender Offer Consideration, Holders whose Notes are accepted for purchase in the Tender Offer will also be paid accrued and unpaid interest from the last interest payment date of the Notes to, but excluding, the Settlement Date, payable on the Settlement Date. The Settlement Date will be promptly after the Expiration Time. The Company expects that the Settlement Date will be September 18, 2026.
Maximum Tender Amount and Proration
The aggregate principal amount of Notes purchased will not exceed U.S.$250 million. If the aggregate principal amount of Notes validly tendered and not validly withdrawn exceeds the Maximum Tender Amount, acceptance of the Notes will be subject to proration.
If the aggregate principal amount of Notes validly tendered and not validly withdrawn would cause the Maximum Tender Amount to be exceeded, then the Tender Offer will be oversubscribed. In that case, the Notes accepted for purchase on the Settlement Date may be accepted on a prorated basis.
All Notes not accepted as a result of proration will be returned to the tendering Holder. A separate tender instruction must be submitted on behalf of each beneficial owner of the Notes, given the potential proration.
Offer Conditions
The Tender Offer is subject to the satisfaction or waiver of certain conditions described in the Offer to Purchase, including the Financing Condition, which has been satisfied. The Company's obligation to accept for purchase, and pay for, validly tendered Notes that have not been validly withdrawn, if applicable, is subject to, and conditioned upon, satisfaction or, where applicable, waiver of, the conditions to the Tender Offer. See the Offer to Purchase for further details.
Holders are advised to read carefully the Offer to Purchase for full details of and information on the procedures for participating in the Tender Offer.
Further Information
Holders may access the Offer to Purchase at https://gbsc-usa.com/smith&nephew/.
Questions and requests for assistance in connection with the Tender Offer may be directed to the Dealer Manager at:
Merrill Lynch International
2 King Edward Street London, EC1A 1HQ
United Kingdom
Attn: Liability Management Group
Telephone (Europe): +44 20 7996 5420
Telephone (U.S. Toll Free): +1 (888) 292-0070
Telephone (U.S.): +1 (980) 387-3907
Email: DG.LM-EMEA@bofa.com
Questions and requests for assistance in connection with the tender of Notes including requests for a copy of the Offer to Purchase may be directed to:
Global Bondholder Services Corporation
65 Broadway - Suite 404
New York, New York 10006
Attn: Corporate Actions
Banks and Brokers Call: +1 (212) 430-3774
Toll Free: +1 (855) 654-2015
Email: contact@gbsc-usa.com