As part of the refi Fridley, Minn.-based Medtronic put up $7.77 billion in a tender offer it launched last month for a set of senior notes due 2020 and another set due between 2037 and 2043.
Today the world’s largest medical device maker said the closing of the new $7.0 billion notes offering triggered the tender offer redemption of $2.1 billion of the 2020 notes and another $3.8 billion in the second set of notes. That $5.9 billion nut will be covered by the $7.77 billion in net proceeds from the new flotation, the company said, adding that it plans to use the overflow to redeem $700 million in 2.5% senior notes due 2020 and $200 million in 4.2% senior notes due 2020 and a set of 1.7% notes due to mature March 28.
The new offering contained €500 million in floating rate senior notes due 2021, €1.50 billion in 0.0% senior notes due 2021, €1.50 billion in 0.375% senior notes due 2023, €1.50 billion in 1.125% senior notes due 2027, €1.0 billion in 1.625% senior notes due 2031 and €1.0 billion in 2.250% senior notes due 2039, the company said.
Barclays Bank and Merrill Lynch were joint book-runners for the offering; Barclays Capital and BofA Merrill Lynch were the dealer managers for the tender, with Global Bondholder Services as information & tender agent.
($1 = €0.888237)