Smith & Nephew : diversifies funding base with $800 million private placement

20 November 2014

Smith & Nephew (LSE: SN, NYSE: SNN), the global medical technology business, announces that it has signed a private placement agreement to borrow $800 million of long-term debt, comprising $730m of fixed rate debt and $70m of floating rate debt. The fixed debt has an average rate of 3.1% and an average maturity of just over eight years. The funds will be used to repay existing bank debt.

At 27 September 2014, the end of the third quarter 2014, Smith & Nephew's net debt was $1,880 million.

Smith & Nephew is a global medical technology business dedicated to helping healthcare professionals improve people's lives. With leadership positions in Orthopaedic Reconstruction, Advanced Wound Management, Sports Medicine and Trauma & Extremities, Smith & Nephew has around 14,000 employees and a presence in more than 90 countries. Annual sales in 2013 were more than $4.3 billion. Smith & Nephew is a member of the FTSE100 (LSE: SN, NYSE: SNN).

For more information about Smith & Nephew, please visit our corporate website www.smith-nephew.com, follow @SmithNephewplc on Twitter or visit SmithNephewplc on Facebook.com

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