Zimmer Biomet (NYSE:ZBH) yesterday priced two upcoming offerings worth $750 million with proceeds slated to repay approximately $1.2 billion in outstanding senior notes due April 1, 2018.
The Warsaw, Ind.-based company is offering $450 million in senior unsecured notes due 2021 and $300 million in 3.7% senior unsecured notes due 2023.
Zimmer Biomet said that Citigroup Global Markets, Merrill Lynch Pierce, Fenner & Smith Inc, MUFG Securities Americas and SMBC Nikko Securities America are acting as joint book-running managers for the offering, which it expects to close on March 19, according to a press release.
Last month, Zimmer Biomet reportedly reached a settlement with plaintiffs in a case over allegedly defective NexGen knee implants, according to court documents.
