Stryker Corp. Issues New Debt Obligations

TL;DR

Stryker just dropped new debt notes across multiple maturities and rates. Check the filings.

AI Summary

On September 11, 2024, Stryker Corporation filed an 8-K report detailing the creation of direct financial obligations. This filing specifically references several series of Senior Unsecured Notes due in 2024, 2027, 2029, 2030, and 2031, with coupon rates ranging from 0.250% to 2.625%. The company also noted its common stock.

Why It Matters

This filing indicates Stryker Corporation is actively managing its debt structure by issuing new notes, which could impact its financial leverage and future borrowing costs.

Risk Assessment

Risk Level: low — The filing primarily concerns routine debt issuance and does not indicate any immediate operational or financial distress.

Key Numbers

• 0.250% — Senior Unsecured Notes due 2024 coupon rate (Represents a specific debt instrument issued by Stryker.)
• 2.625% — Senior Unsecured Notes due 2030 coupon rate (Represents a specific debt instrument issued by Stryker.)

Key Players & Entities

• Stryker Corp (company) — Registrant
• September 11, 2024 (date) — Date of Report
• 0.250% (dollar_amount) — Coupon rate for Senior Unsecured Notes due 2024
• 2.625% (dollar_amount) — Coupon rate for Senior Unsecured Notes due 2030

FAQ

Key Financial Figures

• $1,529 million — eeds of approximately 1,383 million (or $1,529 million based on an exchange rate of 1 to $1.10
• $1.1060 — llion based on an exchange rate of 1 to $1.1060 on August 30, 2024, as published by the
• $750,000,000 — public offering (the "USD Offering") of $750,000,000 aggregate principal amount of its 4.250
• $1,482 m — o receive net proceeds of approximately $1,482 million, after deducting the underwriting

Filing Documents

• d894557d8k.htm (8-K) — 52KB
• d894557dex11.htm (EX-1.1) — 207KB
• d894557dex12.htm (EX-1.2) — 168KB
• d894557dex42.htm (EX-4.2) — 139KB
• d894557dex43.htm (EX-4.3) — 139KB
• d894557dex44.htm (EX-4.4) — 126KB
• d894557dex45.htm (EX-4.5) — 126KB
• d894557dex51.htm (EX-5.1) — 6KB
• d894557dex52.htm (EX-5.2) — 6KB
• d894557dex53.htm (EX-5.3) — 9KB
• d894557dex54.htm (EX-5.4) — 9KB
• g894557g0910071313182.jpg (GRAPHIC) — 3KB
• 0001193125-24-217275.txt ( ) — 1408KB
• syk-20240911.xsd (EX-101.SCH) — 4KB
• syk-20240911_def.xml (EX-101.DEF) — 14KB
• syk-20240911_lab.xml (EX-101.LAB) — 25KB
• syk-20240911_pre.xml (EX-101.PRE) — 15KB
• d894557d8k_htm.xml (XML) — 10KB

Use of Proceeds

Use of Proceeds The Company intends to use the net proceeds from the Euro Offering and the USD Offering (i) to repay at maturity the 500 million outstanding aggregate principal amount of its floating rate notes due 2024 and the 850 million outstanding aggregate principal amount of its 0.250% notes due 2024 and (ii) for general corporate purposes, which may include working capital, acquisitions and other business opportunities and repayment at maturity, redemption or retirement of indebtedness. ITEM2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT The information set forth in Item 1.01 above with respect to the Euro Notes and the USD Notes is hereby incorporated by reference into this Item 2.03, insofar as it relates to the creation of a direct financial obligation. ITEM9.01

FINANCIAL STATEMENTS AND EXHIBITS

FINANCIAL STATEMENTS AND EXHIBITS Exhibit No. Description 1.1 Underwriting Agreement, dated September 4, 2024, between Stryker Corporation and Citigroup Global Markets Limited, Goldman Sachs & Co. LLC, Barclays Bank PLC, BNP Paribas and Merrill Lynch International, as representatives of the underwriters. 1.2 Underwriting Agreement, dated September 4, 2024, between Stryker Corporation and Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC, as representatives of the underwriters. 4.1 Indenture, dated January 15, 2010, between Stryker Corporation and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K, dated January 15, 2010 (Commission File No. 000-09165)). 4.2 Twenty-Eighth Supplemental Indenture (including the form of the note), dated as of September 11, 2024, between Stryker Corporation and U.S. Bank Trust Company, National Association, as trustee. 4.3 Twenty-Ninth Supplemental Indenture (including the form of the note), dated as of September 11, 2024, between Stryker Corporation and U.S. Bank Trust Company, National Association, as trustee. 4.4 Thirtieth Supplemental Indenture (including the form of the note), dated as of September 11, 2024, between Stryker Corporation and U.S. Bank Trust Company, National Association, as trustee. 4.5 Thirty-First Supplemental Indenture (including the form of the note), dated as of September 11, 2024, between Stryker Corporation and U.S. Bank Trust Company, National Association, as trustee. 5.1 Opinion of Sullivan & Cromwell LLP regarding the validity of the Euro Notes. 5.2 Opinion of Sullivan & Cromwell LLP regarding the validity of the USD Notes. 5.3 Opinion of Warner Norcross + Judd LLP regarding the validity of the Euro Notes. 5.4 Opinion of Warner Norcross + Judd LLP regarding the validity of the USD Notes. 23.1

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Stryker Corporation (Registrant) Dated: September 11, 2024 By: /s/ Glenn S. Boehnlein Name: Glenn S. Boehnlein Title: Vice President, Chief Financial Officer