Royal Philips Issues €1 Billion Notes Offering

September 6, 2017

S&C client Royal Philips issued €500,000,000 floating rate notes due September 6, 2019, and €500,000,000 0.500% notes due September 6, 2023.

The proceeds of the issue of the notes were applied by Royal Philips in the prepayment of the €1,000,000,000 bridge loan provided by a group of international banks to fund the acquisition of The Spectranetics Corporation by Royal Philips in August.

The S&C team on the Eurobond issue was led by Vanessa Blackmore, Chris Beatty and John O'Connor, along with Kirsten Rodger and Sean Ruscitto. The S&C team on the bridge loan was led by Craig Jones and Chris Beatty, along with Sean Ruscitto. Eric Wang, Michael Orchowski and Andrew Motten provided advice on U.S. tax matters. Andrew Thomson and Emma Hardwick provided advice on U.K. tax matters. Joshua Bradley, Umberto Hassan and Roger Gaspard also provided valuable assistance.