Smiths Group establishes €2.5bn note programme

Smiths Group announced on Tuesday that it has established a €2.5bn euro medium term note programme with its ten relationship banks as dealers.

The FTSE 100 firm said the EMTN programme will facilitate the issuance by the company of senior notes over time in various currencies and maturities as a continuing element of its financing strategy.

“This programme underpins Smiths Group's existing strategy to finance our balance sheet from the rated public debt markets,” said chief financial officer Chris O’Shea.

Notes issued under the EMTN programme will be guaranteed by Smiths Group International Holdings and will rank pari passu with all of the company's outstanding senior notes and other debt obligations.

“It provides us with increased flexibility in refinancing our debt maturities over the next two years, and in financing portfolio management activities, such as the agreement we announced in April to acquire Morpho Detection,” O’Shea added.