The notes, due in 2032, fall under the Philips European Medium Term Note (EMTN) program. Issuance will have a debt-neutral effect, with proceeds earmarked for the repayment of debt in 2024 and 2025. This follows last year’s pricing of a $546.2 million (€500 million) offering under the same program.
Philips said in a news release that it set an issue price for the notes at 98.257% with a coupon of 3.75%, resulting in a yield of 4.009%. It said the offering registered more than two times oversubscribed. The company scheduled the settlement and issue of the notes for May 31, 2024.
Additionally, the Dutch medtech giant announced the first hospitals in Hong Kong began using its real-time 3D intracardiac echocardiography (ICE) catheter – VeriSight Pro – to aid minimally-invasive image-guided procedures. It marks the first use of the system outside the U.S. or Canada, kicking off an international rollout of the technology.
Philips reported the first use cases in the U.S. in 2021. Last year, the company had positive data on VeriSight come out of the Mayo Clinic.
VeriSight goes through a patient’s blood vessels until it lies directly inside the chambers of the heart. It aids in planning and guiding complicated interventional procedures by delivering high-quality imaging. The system can help characterize difficult-to-image heart structures like the left atrial appendage or tricuspid valve, for instance.
“At Philips, we are committed to delivering state-of-the-art imaging solutions such as VeriSight Pro that leverage the advanced capabilities of our EPIQ ultrasound platform to enhance procedural confidence, optimize patient outcomes, and set new global standards in care,” said Bert van Meurs, chief business leader of precision diagnosis and image-guided therapy at Philips. “We look forward to working with leading specialists around the world to make that happen.”
