STERIS plc filed an 8-K on November 12, 2026, disclosing that its subsidiary STERIS Irish FinCo Unlimited Company priced a $1.5 billion senior notes offering on November 9, 2026, with proceeds intended to help fund the pending acquisition of Xodus Medical, Inc.

Key Highlights

  • Total offering size: $1.5 billion in aggregate principal amount of senior notes, split equally between two tranches of $750 million each.
  • 2033 Notes rate: The $750 million tranche due 2033 will bear interest at 5.650% per annum.
  • 2036 Notes rate: The $750 million tranche due 2036 will bear interest at 5.875% per annum.
  • Interest payment dates: Interest will be paid on June 15 and December 15 of each year, commencing June 15, 2027.
  • Expected closing: The offering is expected to close on or about November 24, 2026, subject to customary closing conditions.
  • Use of proceeds: Net proceeds, combined with borrowings under a delayed draw term loan agreement dated November 4, 2026, and cash on hand, are intended to fund the purchase price of the pending Xodus Medical, Inc. acquisition, transaction expenses, general corporate expenses, and working capital needs.
  • Underwriters: J.P. Morgan Securities LLC, Goldman Sachs and Co. LLC, and Citigroup Global Markets Inc. acted as representatives of the underwriters.

STERIS Irish FinCo Prices Dual-Tranche Notes to Support Xodus Medical Acquisition

According to the filing, STERIS Irish FinCo Unlimited Company, a wholly-owned subsidiary of STERIS plc (NYSE:STE), priced the offering on November 9, 2026. The notes will be guaranteed on a senior unsecured basis by STERIS plc, STERIS Corporation (an Ohio corporation and wholly-owned subsidiary), and STERIS Limited (a private limited company incorporated under the laws of England and Wales and a wholly-owned subsidiary), collectively identified in the filing as the "Guarantors."

The filing states that each series of notes will be issued pursuant to the indenture dated as of April 1, 2021, among the Issuer, the Guarantors, and U.S. Bank Trust Company, National Association (successor in interest to U.S. Bank National Association), as amended by a Second Supplemental Indenture expected to be dated as of the issue date of the notes. The offering was registered under the Securities Act of 1933, as amended, under Registration Statement on Form S-3 (Registration No. 333-299875), which the filing states initially became effective on November 6, 2026.

The company disclosed that net proceeds from the offering are intended to be used, together with borrowings under the delayed draw term loan agreement dated November 4, 2026, and cash on hand, to fund the purchase price of the pending acquisition of Xodus Medical, Inc. and certain related entities, as well as transaction expenses, general corporate expenses, and working capital needs. The filing contains forward-looking statements that, according to the company's cautionary language, "are not guarantees of performance or results" and are subject to uncertainty and changes in circumstances.

What Was Disclosed

STERIS plc's subsidiary priced a $1.5 billion two-tranche senior notes offering on November 9, 2026, with interest rates of 5.650% and 5.875% per annum on the respective tranches, expected to close around November 24, 2026, to help finance the Xodus Medical, Inc. acquisition.