Medtronic (NYSE:MDT) said today that it bought back nearly $8 billion in debt as part of a tender offer it launched last month.
The Fridley, Minn.-based medical device maker said it paid $2.12 billion to redeem some of the $3.10 billion in senior notes due 2020 and $5.65 billion worth of a series of notes due between 2037 and 2043, for a total of nearly $7.77 billion.
Barclays Capital and BofA Merrill Lynch are the dealer managers, with Global Bondholder Services as information & tender agent.
Here’s a breakdown of the senior note redemptions:
| Security | Principal Amount Outstanding | Principal Amount Tendered |
| 2.500% Senior Notes due 2020 | $2,500,000,000 | $1,768,138,000 |
| 4.20% Senior Notes due 2020 | $600,000,000 | $350,090,000 |
| SUBTOTAL | $3,100,000,000 | $2,118,228,000 |
| 6.550% Senior Notes due 2037 | $374,039,000 | $90,503,000 |
| 6.50% Senior Notes due 2039 | $300,000,000 | $117,051,000 |
| 5.550% Notes due 2040 | $500,000,000 | $194,090,000 |
| 4.625% Notes due 2044 | $650,000,000 | $473,406,000 |
| 4.500% Notes due 2042 | $400,000,000 | $271,350,000 |
| 4.625% Senior Notes due 2045 | $4,150,000,000 | $2,650,537,000 |
| 4.375% Senior Notes due 2035 | $2,381,619,000 | $1,621,731,000 |
| 4.125% Notes due 2021 | $500,000,000 | $200,070,000 |
| 4.000% Notes due 2043 | $325,024,000 | $32,582,000 |
| SUBTOTAL | $9,580,682,000 | $5,651,320,000 |
| TOTAL | $12,680,682,000 | $7,769,548,000 |
