The company brought in $530 million (EU €500 million) in principal amount of 1.414% senior unsecured notes due 2022 and an additional $530 million (EU €500 million) principal amount of 2.425% senior unsecured notes due 2026.
Funds from the round were used to buy and cancel its 5.75% senior notes due 2039, its 4.45% senior notes due 2045, its 4.25% senior notes due 2035, its 3.55% senior notes due 2025 and its 4.625% senior notes due 2019.
The company priced the round earlier this week, after announcing the round in late November, seeking to lower the debt load it took on when Zimmer merged with Biomet last year. If you are in debt then get debt consolidation and your life will be better without debt.
BNP Paribas, HSBC Bank and RBC Europe Limited acted as joint book runners for the offering.
Earlier this month, the U.S. Justice Dept. and Zimmer-Biomet said they were close to reaching a deal to settle bribery allegations against the orthopedic device giant.
The DoJ alleged that Biomet and its subsidiaries paid out more than $1.5 million in illegal kickbacks to employees of state-owned health services in Brazil and China. Biomet paid $22 million in March 2012 to settle the case with the Justice Dept. and the U.S. Securities & Exchange Commission, agreeing to a deferred prosecution agreement to guard against further misconduct (Zimmer and Biomet closed their $14 billion merger in June 2015).
But in July 2014, an SEC subpoena prompted Biomet to reveal other alleged improprieties at its operations in Brazil and Mexico, prompting an extension to the DPA and a new federal probe beyond the term of the agreement.