Stryker (NYSE:SYK) yesterday closed a $600 million debt offering it plans to use to buy back some of its other debt.
The Kalamazoo, Mich.-based medical device maker said it plans to use the estimated $595 million in proceeds from the flotation, of 3.65% notes due 2028, to repay some $600 million worth of 1.30% notes due April 1, according to a regulatory filing.
Interest on the new debt is payable March 7 and Sept. 7 annually, beginning Sept. 7 this year, Stryker said.
