The Kalamazoo, Mich.-based medical device company said it’s pricing 2 sets of senior unsecured notes: $600 million, at 3.38% annually, due in May 2024; and $400 million, at 4.38%, due in May 2044.
Stryker said it plans to use the proceeds in a refinancing move, including "existing commercial paper at maturity" and all of the 3% due Jan. 15, 2015. Other uses include working capital and other general corporate purposes, according to a press release.
Barclays Capital, Goldman, Sachs and Wells Fargo Securities are the offering’s joint book-runners, according to the release.
Stryker reported current debt maturities of $820 million and $2.24 billion in long-term debt as of March 31.