Smith+Nephew Prices $700 Million Notes, Launches Tender

Smith+Nephew priced $700 million of 5.75% senior notes due 2036, with the offering expected to close on September 11, 2026. The company plans to use approximately $691 million in net proceeds to fund a tender offer for up to $250 million of its outstanding 2.032% senior notes due 2030, pay related expenses and support general corporate purposes. The refinancing is intended to extend the average maturity of Smith+Nephew’s debt and reduce refinancing risk. The tender offer is subject to the company raising sufficient proceeds from the new notes and may be prorated if demand exceeds the $250 million limit.