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STRYKER CORP FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits

September 3, 2014



ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

On August 29, 2014, Stryker Corporation (the "Company") amended and restated its Senior Unsecured Revolving Credit Facility with various lenders and JPMorgan Chase Bank, N.A. as administrative agent, due in August 2017 (referenced in the Company's most recent Annual Report on Form 10-K as "the 2012 Facility"). The principal changes were to increase the aggregate principal amount of the commitments to $1.25 billion, to extend the maturity date to August 22, 2019 and to revise the definition of Consolidated EBITDA. The Amended and Restated Agreement continues to include an increase option permitting the Company to increase the size of the facility up to an additional $500 million, as well as a $500 million multicurrency sublimit (with no sublimit for euro borrowings), a $250 million letter of credit sublimit and other terms, conditions and covenants substantially the same as the 2012 Facility. The Amended and Restated Agreement has an annual facility fee ranging from 4.5 to 20 basis points and bears interest at the Offshore Rate, as defined in the Amended and Restated Agreement, plus an applicable margin ranging from 58 to 130 basis points; this applicable margin also applies to letters of credit. Both the facility fee and the applicable margin are dependent on the Company's credit ratings.

The foregoing summary is qualified in its entirety by the terms of the Amended and Restated Agreement, a copy of which is filed as Exhibit 4.1 hereto and is incorporated herein by reference.

ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OBLIGATION AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.



The information set forth under Item 1.01 of this Form 8-K is incorporated herein by reference.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits 4.1 Amended and Restated Credit Agreement, dated as of August 29, 2014, among Stryker Corporation and certain subsidiaries, as designated borrowers; the lenders party thereto; and JPMorgan Chase Bank, N.A., as administrative agent.



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Source: Edgar Glimpses


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