Royal Philips Prices Offering of Notes for EUR1.0 Billion

FeaturesDow Jones Newswires

Netherlands' Royal Philips NV (PHIA.AE) said Thursday it has priced 1.0 billion euro ($1.19 billion)notes.

The health-technology group has priced the issue of EUR500 million euros floating rate notes due 2019 and EUR500 million fixed rate notes due 2023.

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Philips said the net proceeds of the offering will be used for the repayment of the EUR1.0 billion bridge loan which was entered into for the purpose of financing the acquisition of The Spectranetics Corporation and for general purposes.

The issue price for the floating rate notes is 100.300% with a coupon of 3M Euribor + 20 basis points, and the issue price for the fixed rate notes is 99.465% with a coupon of 0.500%, resulting in a yield of 0.591%.

-Write to Razak Musah Baba at; Twitter: @Raztweet

(END) Dow Jones Newswires

August 31, 2017 13:02 ET (17:02 GMT)