Smith Nephew schedules $350 million note redemption

Posted by Linda Flegge on Oct 1st, 2026

What happened

Smith Nephew plc (NYSE: SNN) said it will redeem its entire $350 million of 5.150% Notes due 2027 on October 5, 2026. The Form 6-K is dated October 1, 2026 and says the company sent a notice of redemption price after the September 18, 2026 redemption notice under the indenture dated October 14, 2020. The filing covers the full outstanding principal amount.

The notice is for the whole balance, not part of it.

The redemption price is 100.245%, or $1,002.45 per $1,000 principal amount. Accrued and unpaid interest adds $2.15 per $1,000 principal amount. Holders are set to receive $1,004.60 per $1,000 principal amount on the redemption date. After that date, the notes stop bearing interest and are no longer outstanding.

Key numbers

Metric	Latest	Source
Outstanding principal amount	$350 million	SEC 6-K
Coupon	5.150%	SEC 6-K
Redemption price	100.245%	SEC 6-K
Accrued and unpaid interest	$2.15 per $1,000 principal amount	SEC 6-K
Redemption payment	$1,004.60 per $1,000 principal amount	SEC 6-K

Why it matters

This is a financing move, so it says more about debt retirement than about sales, margins, or product demand. It brings forward repayment of debt due in 2027 and removes $350 million of principal from the capital structure. The company now has a fixed cash payment and a fixed date instead of an open-ended maturity.

By OptimistFi's calculation, the total payment is $2.15 per $1,000 above the redemption price. That matches the accrued interest in the filing. The key point is that this notice is a capital action, not an operating result tied to growth or margins. It sets out how the debt will be retired and gives noteholders the relevant terms.

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What's next

The next dated event is October 5, 2026, when the outstanding Securities are set to be redeemed. On that date, holders should receive the stated redemption payment of $1,004.60 per $1,000 principal amount. After that, the notes will stop bearing interest under the indenture.

If Smith Nephew completes the redemption as announced, the financing step will be confirmed on the stated terms. If the date or payment changes, that would weaken the read on the transaction. Holders will then have only the stated payment to collect. The filing makes that date the final milestone it names.