May 2009

Smiths Group - US bond offering

Cardew is advising Smiths Group on a US$ bond issue to raise $0.5bn. $250m of the loan notes have been priced at a fixed coupon of 6.05% for five years and $250m at 7.20% for 10 years. The net proceeds will be used to refinance existing borrowings and for general corporate purposes.

Contact: Anthony Cardew, Rupert Pittman and Alexandra Stoneham