Teleflex Incorporated (NYSE: TFX) announced the commencement of a private offering of $500 million in senior notes due 2032, according to a company statement.

The medical technology company said the interest rate and other terms of the notes will be determined at pricing, subject to market and other conditions. The notes will be guaranteed by Teleflex's existing and future wholly-owned domestic subsidiaries that serve as guarantors under its credit agreement.

Teleflex plans to use the net proceeds from the offering, combined with cash on hand, to redeem all outstanding 4.625% Senior Notes due 2027.

The offering will be conducted as a private transaction under an exemption from Securities Act registration requirements. The notes will be available only to qualified institutional buyers in the United States and certain non-U.S. persons in transactions outside the United States under Regulation S.

The Wayne, Pennsylvania-based company develops medical technologies and operates brands including Arrow, LMA, UroLift, and Weck.