Medtronic (NYSE:MDT) yesterday priced a pair of debt tender offers at nearly $5 billion, raising the cap on two sets of senior notes.
Last week the Fridley, Minn.-based medical device giant closed a senior notes offering worth €5.0 billion that it’s planning to use to cover the tender offers, after raising the top end of one tender to more than $4 billion. Another tender was for for up to $1.18 billion. Medtronic said yesterday that investors tendered $8.59 billion worth of senior notes.
In response the company raised the cap on its 4.625% senior notes due 2045 from $100 million to $150 million and boosted the cap on its 4.375% senior notes due 2035 from $200 million to approximately $450 million.
Here’s the breakdown of the $4.64 billion in tender offers accepted by the company:
| Principal Amount Outstanding | Principal Amount Tendered | Principal Amount Accepted | |
| 4.125% Senior Notes due 2021 | $500,000,000 | $250,201,000 | $250,201,000 |
| 3.125% Senior Notes due 2022 | $675,000,000 | $391,431,000 | $391,431,000 |
| Subtotal | $1,175,000,000 | $641,632,000 | $641,632,000 |
| Security | Principal Amount Outstanding | Principal Amount Tendered | Principal Amount Accepted |
| 6.500% Senior Notes due 2039 | $182,949,000 | $25,314,000 | $25,314,000 |
| 5.550% Senior Notes due 2040 | $305,910,000 | $81,799,000 | $81,799,000 |
| 4.625% Senior Notes due 2045 | $1,963,341,000 | $794,828,000 | $150,000,000 |
| 4.625% Senior Notes due 2044 | $176,594,000 | $49,477,000 | $49,477,000 |
| 4.500% Senior Notes due 2042 | $128,650,000 | $24,123,000 | $24,123,000 |
| 4.375% Senior Notes due 2035 | $2,381,619,000 | $1,583,222,000 | $450,003,000 |
| 4.000% Senior Notes due 2043 | $325,024,000 | $19,954,000 | $19,954,000 |
| 3.500% Senior Notes due 2025 | $4,000,000,000 | $2,346,622,000 | $1,300,038,000 |
| 3.625% Senior Notes due 2024 | $850,000,000 | $417,517,000 | $417,517,000 |
| 6.550% Senior Notes due 2037 | $283,536,000 | $30,319,000 | $30,319,000 |
| 3.350% Senior Notes due 2027 | $850,000,000 | $482,164,000 | $482,164,000 |
| 3.150% Senior Notes due 2022 | $2,500,000,000 | $1,591,791,000 | $965,604,000 |
| 3.200% Senior Notes due 2022 | $650,000,000 | $345,957,000 | $0 |
| 2.950% Senior Notes due 2023 | $309,516,000 | $159,421,000 | $0 |
| SUBTOTAL | $14,907,139,000 | $7,952,508,000 | $3,996,312,000 |
| TOTAL | $16,082,139,000 | $8,594,140,000 | $4,637,944,000 |
Barclays Capital, BofA Merrill Lynch and Goldman Sachs are co-dealer managers on the tender offers, with Global Bondholder Services acting as information and tender agent, Medtronic said.
