Medtronic (NYSE:MDT) said today that it closed a senior notes offering worth €5.0 billion that it’s planning to use on a debt tender worth nearly $6 billion.
The Fridley, Minn.-based company, which is the world’s largest pure-play medical device maker, said the $5.68 billion senior notes offering consisted of the following issues:
|€250 million||floating-rate senior notes due 2021|
|€750 million||0.0% senior notes due 2022|
|€1.0 billion||0.25% senior notes due 2025|
|€1.0 billion||1.0% senior notes due 2031|
|€1.0 billion||1.5% senior notes due 2039|
|€1.0 billion||1.75% senior notes due 2049|
The net proceeds of roughly €4.9 billion ($5.57 billion) are earmarked for the U.S. debt tenders, with any leftovers going to pay down other debt, the company said.
Last week Medtronic raised the top end of one tender to $4.35 billion; a second tender is worth some $1.18 billion
Barclays Capital, BofA Merrill Lynch and Goldman Sachs are dealer managers for the tender offers, with Global Bondholder Services as information & tender agent. The joint book-runners for the senior notes offering are Barclays Bank, Goldman Sachs and Merrill Lynch International.
($1 = €0.880200)