by Pankti Antani
Sep 16, 2026 2:35 PM ET
Smith+Nephew announces results of its cash tender offer for up to $250 million of its outstanding 2.032% notes due 2030
LONDON, GB / ACCESS Newswire / September 16, 2026 / Smith+Nephew, the global medical technology company (the "Company") (LSE:SN)(NYSE:SNN), announced today the results 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 was 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.
The Tender Offer expired at 5:00 p.m. (New York City time) yesterday, September 15, 2026 (the "Expiration Time"). The aggregate principal amount of Notes validly tendered and not withdrawn as of the Expiration Time was U.S.$431,825,000.
As the aggregate principal amount of Notes validly tendered and not validly withdrawn exceeded the Maximum Tender Amount, acceptance of the Notes was subject to proration as described in the Offer to Purchase. The Scaling Factor applied to the Notes is set forth in the table below. All Notes not accepted as a result of proration will be returned to the tendering Holder.
Title of Security | CUSIP/ISIN(1) | Aggregate Principal Amount Outstanding(2) | Tender Offer Consideration(3) | Aggregate Principal Amount Accepted for Purchase | Scaling Factor |
2.032% Senior Notes due 2030 (Maturity date: October 14, 2030) | 83192P AA6 / US83192PAA66 | $900,000,000 | U.S.$878.90 per U.S.$1,000 principal amount | U.S.$250,000,000 | 57.995% |
Pro rata acceptance for the Notes subject to proration was calculated by multiplying the principal amount of the Notes represented by each tender instruction requiring proration by the Scaling Factor and rounding down to the nearest U.S.$1,000 increment. See the Offer to Purchase for further details and conditions of proration.
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 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, conditions to the Tender Offer.
The Settlement Date is expected to be September 18, 2026. Notes that are accepted and purchased in the Tender Offer are expected to be canceled and to no longer remain outstanding obligations of the Company.
Further Information
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 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