Notes to the Interim report (unaudited)
18 Events after the balance sheet date
On 26 February 2009 the Group completed the raising of additional long-term debt capital from the issue of US$175m of Senior Notes in the US private placement market with a fixed 9 year maturity and a fixed coupon of 7.37%.
During the week beginning 23 February 2009 the Group announced to affected employees its decision to close the US defined benefit pension plans. This decision will take effect from 30 April. From that date no further benefits will accrue under these plans.
The Group has agreed, subject to regulatory approval, to acquire Shenzhen Dowin Lightning Technologies Co., Ltd., a Chinese based manufacturer of power and signal protection devices for Smiths Interconnect. The company had sales of RMB 110m in 2008.
In March 2009 the Group decided to cease manufacturing and selling the Cozmo diabetes pump. In the year ended 31 July 2008 this activity contributed £36m to revenue. This decision will be reflected in the Smiths Medical results for the year ended 31 July 2009.