Smiths Group launches 10-year EUR650m bond offering

Diversified engineer Smiths Group has launched and priced a €650m bond offering for general corporate funding purposes and to repay certain existing debt as it falls due.

The notes, priced with a fixed coupon of 2.00%, will mature in February 2027 and are expected to close on 23 February 2017.

Chief financial officer Chris O'Shea said: "I am delighted this 10-year bond issue was heavily oversubscribed by a wide range of quality long-term investors in our business.

“Building on the very successful eight-year bond issue in 2015, this refinancing further extends our debt maturity profile and reaffirms the strength of our balance sheet."

At 1550 GMT, the shares were down 0.5% to 1,526.00p.