Zimmer talks benchmark seven-part notes offering for Tuesday pricing

By Aleesia Forni

Virginia Beach, March 10 – Zimmer Holdings Inc. set price talk for a planned seven-part offering of senior notes (Baa3/BBB/) on Tuesday, according to a market source and a 424B5 filed with the Securities and Exchange Commission.

The offering includes two-year notes talked in the 95 basis points area over Treasuries, three-year notes talked in the 105 bps area over Treasuries, five-year notes talked at the 120 bps area over Treasuries and seven-year notes talked in the 135 bps area over Treasuries.

A 10-year tranche of notes is talked in the 155 bps area over Treasuries, a 20-year tranche is talked in the 170 bps area over Treasuries and a 30-year tranche is talked at the 190 bps area over Treasuries.

BofA Merrill Lynch, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC are the bookrunners.

Proceeds will be used to finance Zimmer’s acquisition of Biomet, Inc.

Zimmer, based in Warsaw, Ind., develops and markets reconstructive and spinal implants, trauma and related orthopedic surgical products.

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