Zimmer Biomet raises $500M in debt as it funds a 2026 buying spree
What's the deal? Medical device maker Zimmer Biomet has raised $500 million through a senior unsecured bond due 2036, part of a broader offering it priced on November 5, 2026. The dollar notes carry a 5.85% coupon and sold at 99.993% of par.
The details: Zimmer Biomet paired the dollar tranche with a €500 million issue due 2033 at 4.375%, taking the combined offering close to $1 billion-equivalent. Barclays, BofA SecuritiesDealroom has a profile for this one. Try Dealroom →, JP Morgan, Goldman SachsDealroom has a profile for this one. Try Dealroom →, Morgan Stanley, and Citigroup were among the bookrunners.
Why now? The company earmarked proceeds for general corporate purposes, including possible debt repayment, acquisitions, and capital commitments. It did not tie the money to any single deal.
What's the endgame? Zimmer Biomet has been on an acquisition run in 2026, buying Iovera, Monteris Medical, and Alafair, with cash and potential earn-outs adding to its funding needs. The new debt lands on top of roughly $7.5 billion already on its balance sheet.
The timing follows third-quarter results in which sales rose 3.7% in constant currency and the company raised its full-year guidance. Knee sales declined and adjusted earnings per share were flat.
The signal: The issuance looks like routine long-term funding and balance-sheet flexibility rather than a standalone growth milestone — a mature medical device firm locking in capital to keep its deal pipeline moving.
Read more: cbonds.com
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