Teleflex Incorporated Announces Pricing of $500 Million Senior Notes Offering

Rhea-AI Summary

Teleflex announced the pricing of a private offering of $500 million in 4.25% senior notes due 2028, scheduled to close on May 27, 2020. The notes will be guaranteed by its wholly-owned domestic subsidiaries. Proceeds will be used to repay borrowings under its revolving credit facility. This offering is made under exemptions from the Securities Act of 1933, targeting qualified institutional buyers and certain non-U.S. persons. The notes have not been registered and cannot be sold in the U.S. without registration or exemption.

Positive

• Successful pricing of $500 million senior notes indicates strong market confidence.
• Interest rate of 4.25% is competitive for bond offerings, potentially enhancing investor interest.
• Intended use of proceeds to reduce debt reflects prudent financial management.

Negative

• Private offering limits access to capital markets, potentially constraining future funding options.

WAYNE, Pa., May 21, 2020 (GLOBE NEWSWIRE) -- Teleflex Incorporated (NYSE: TFX) (“Teleflex”) announced today that it priced its private offering of $500.0 million aggregate principal amount of 4.25% senior notes due 2028 (the “Notes”) at an issue price of 100.000%. The sale of the Notes is expected to close on May 27, 2020, subject to customary closing conditions.

The Notes will be guaranteed by each of Teleflex’s existing and future wholly-owned domestic subsidiaries that is a guarantor or other obligor under its credit agreement.

Teleflex intends to use the net proceeds from the offering to repay borrowings under its revolving credit facility.

The offering of the Notes will be made in a private transaction in reliance upon an exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), in the United States only to investors who are reasonably believed to be “qualified institutional buyers,” as that term is defined in Rule 144A under the Securities Act, or to certain non-U.S. persons in transactions outside the United States pursuant to Regulation S under the Securities Act. The Notes and the related guarantees have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States without registration or an applicable exemption from registration requirements.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall there be any sale of the Notes, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

ABOUT TELEFLEX INCORPORATED

Teleflex is a global provider of medical technologies designed to improve the health and quality of people’s lives. Teleflex is the home of Arrow®, Deknatel®, Hudson RCI®, LMA®, Pilling®, Rusch®, UroLift®, and Weck® - trusted brands united by a common sense of purpose.

CAUTION CONCERNING FORWARD-LOOKING INFORMATION

Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Any forward-looking statements contained herein are based on our management’s current beliefs and expectations, but are subject to a number of risks, uncertainties and changes in circumstances, which may cause actual results or company actions to differ materially from what is expressed or implied by these statements. These risks and uncertainties are identified and described in more detail in our filings with the Securities and Exchange Commission (“SEC”), including our Annual Report on Form 10-K filed with the SEC on February 21, 2020 and our Quarterly Report on Form 10-Q filed with the SEC on April 30, 2020, which can be obtained on the SEC’s website at http://www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statements, except as otherwise specifically stated by us or as required by law or regulation.

Contact:		Jake Elguicze
		Treasurer and Vice President, Investor Relations
		610-948-2836

FAQ

What is the amount of Teleflex's recent notes offering?

Teleflex announced a private offering of $500 million in senior notes.

What is the interest rate on the Teleflex senior notes due 2028?

The interest rate on the Teleflex senior notes is 4.25%.

When is the Teleflex bond offering expected to close?

The Teleflex bond offering is expected to close on May 27, 2020.

What will Teleflex use the proceeds from the notes offering for?

Teleflex intends to use the proceeds to repay borrowings under its revolving credit facility.

Who can purchase the Teleflex senior notes?

The notes are available to qualified institutional buyers and certain non-U.S. persons.