Facility Agreement

RNS Number : 7115X

Smith & Nephew Plc

10 December 2010

 



Smith & Nephew renews Debt Facilities

10 December 2010

Smith & Nephew plc (LSE: SN, NYSE: SNN), the global medical technology business, announced today that it has renewed its debt facilities.

The Company has taken the opportunity to review and renew its principal banking facilities ahead of their maturity in May 2012.  The Company has reduced its $1 billion 5-year term facility to $500 million with effect from 20 December 2010.  The interest rate for this multi-currency facility, at 20bps over LIBOR, is unchanged.  Smith & Nephew has also cancelled its $1.5 billion multi-currency revolving facility and replaced it with a new 5-year $1 billion multi-currency revolving facility with an interest rate of 70bps over LIBOR.  The new facility has been provided by banks within the existing relationship group.

Enquiries

Investors

Liz Hewitt

Phil Cowdy                                                Tel:   [phone]

Smith & Nephew

Media

Jon Coles                                                  Tel:   [phone]

Brunswick - London

About Smith & Nephew

Smith & Nephew is a global medical technology business with global leadership positions in Orthopaedics; including Reconstruction, Trauma and Clinical Therapies; Endoscopy; including Sports Medicine; and Advanced Wound Management.  Smith & Nephew is a global leader in arthroscopy and advanced wound management and is one of the leading global orthopaedics companies.

Smith & Nephew is dedicated to helping improve people's lives.  The Company prides itself on the strength of its relationships with its surgeons and professional healthcare customers, with whom its name is synonymous with high standards of performance, innovation and trust.  The Company has distribution channels, purchasing agents and buying entities in over 90 countries worldwide.  Annual sales in 2009 were nearly $3.8 billion.

Forward-Looking Statements

This document contains certain forward-looking statements that may or may not prove accurate.  For example, statements regarding expected revenue growth and trading margins, market trends and our product pipeline are forward-looking statements.  Phrases such as "aim", "plan", "intend", "anticipate", "well-placed", "believe", "estimate", "expect", "target", "consider" and similar expressions are generally intended to identify forward-looking statements.  Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from what is expressed or implied by the statements. For Smith & Nephew, these factors include: economic and financial conditions in the markets we serve, especially those affecting health care providers, payors and customers; price levels for established and innovative medical devices; developments in medical technology; regulatory approvals, reimbursement decisions or other government actions; product defects or recalls; litigation relating to patent or other claims; legal compliance risks and related investigative, remedial or enforcement actions; strategic actions, including acquisitions and dispositions and our success in integrating acquired businesses; and numerous other matters that affect us or our markets, including those of a political, economic, business or competitive nature.  Please refer to the documents that Smith & Nephew has filed with the U.S. Securities and Exchange Commission under the U.S. Securities Exchange Act of 1934, as amended, including Smith & Nephew's most recent annual report on Form 20F, for a discussion of certain of these factors.

Any forward-looking statement is based on information available to Smith & Nephew as of the date of the statement.  All written or oral forward-looking statements attributable to Smith & Nephew are qualified by this caution.  Smith & Nephew does not undertake any obligation to update or revise any forward-looking statement to reflect any change in circumstances or in Smith & Nephew's expectations.

 

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