Smith & Nephew launches tender offer for 2030 bonds

Smith & Nephew, a global medical technology company, has launched a tender offer for up to $250 million aggregate principal amount of its 2.032% Senior Notes due 2030. The company has $900 million of these notes outstanding, with a maturity date of October 14, 2030. The tender offer is priced at a fixed spread of 55 basis points over the 4.375% U.S. Treasury Security due August 31, 2031. The offer is conditional upon receiving sufficient gross proceeds from a concurrent offering of senior notes due 2036, which is subject to market conditions. The tender offer will expire at 5:00 p.m. New York City time on September 15, 2026, unless extended or terminated earlier. Payment and settlement are expected to occur on September 18, 2026, with holders receiving accrued and unpaid interest up to, but excluding, this date. The tender offer aims to manage the company's debt portfolio and extend the average maturity profile of its existing debt. Smith & Nephew, listed on the LSE as SN and the NYSE as SNN, reported annual sales of $6.2 billion in 2025 and operates in around 100 countries with approximately 17,000 employees.