Zimmer Biomet Holdings, Inc. Announces Early Results and Upsize of its Tender Offers for Certain Outstanding Debt Securities
November 30, 2021 at 08:00 am EST
Share
Zimmer Biomet Holdings, Inc. announced early results of the previously announced tender offers (collectively, the "Tender Offers" and each a "Tender Offer") to purchase for cash (i) any and all of its 3.700% Senior Notes due 2023 (the "Any and All Notes") and (ii) up to the aggregate purchase price set forth below (excluding accrued and unpaid interest up to, but not including, the applicable Settlement Date (as defined below) and excluding fees and expenses related to the Tender Offers) (the "Aggregate Maximum Purchase Price") of its 3.550% Senior Notes due 2025, 3.550% Senior Notes due 2030, 4.450% Senior Notes due 2045, 3.050% Senior Notes due 2026, 4.250% Senior Notes due 2035 and 5.750% Senior Notes due 2039, subject to the tender caps, if applicable, the acceptance priority levels (the "Acceptance Priority Levels") noted in the second table below and proration procedures, if applicable (collectively, the "Maximum Tender Offer Notes," and together with the Any and All Notes, the "Securities"). The Company also announced an increase in the Aggregate Maximum Purchase Price from $1.5 billion to an amount sufficient to purchase all of the Maximum Tender Offer Notes at Acceptance Priority Levels 1 through 2, as set forth in the second table below, that were validly tendered and not validly withdrawn prior to the Early Tender Date (as defined below). Because all Maximum Tender Offer Notes at Acceptance Priority Levels 1 through 2 that were validly tendered and not validly withdrawn prior to the Early Tender Date will be accepted for purchase by the Company, no proration procedures will be required. No Maximum Tender Offer Notes at Acceptance Priority Levels 3 through 6, as set forth in the second table below, will be accepted for purchase. Approximately $211.48 million in aggregate principal amount of Any and All Notes were validly tendered and not validly withdrawn prior to the Early Tender Date and will be accepted for purchase on the Early Settlement Date (as defined below). The terms of the Tender Offers are described in the Offer to Purchase, dated November 15, 2021 (the "Offer to Purchase"), as amended by this press release.
Zimmer Biomet Holdings, Inc. specializes in designing, manufacturing, and selling orthopedic and dental reconstruction implants, spinal implants, and traumatology products. Net sales break down by family of products as follows:
- reconstruction implants (57.5%): knees replacement (58.8% of net sales), hips replacement (41.2%);
- surgical products and traumatology equipment (22.1%);
- dental, spinal and craniomaxillofacial implants (12.8%);
- other (7.6%): primarily orthopedic surgery materials and instruments used during post-operative rehabilitation.
At the end of 2021, the group had approximately 30 production sites worldwide.
Net sales are distributed geographically as follows: Americas (61.3%), Europe/Middle East/Africa (21.3%) and Asia/Pacific (17.4%).