Medtronic Inc. (NYSE:MDT) is looking to drum up $1 billion through a debt offering.
The Fridley, Minn.-based medical device giant announced a registered offering of $500 million worth of its 2.625 percent senior notes, due 2016, and $500 million of its 4.125 percent senior notes due in 2021.
Medtronic said it plans to use the offering’s proceeds for working capital and general corporate purposes, including the repayment of debt.
The notes will be unsecured and will rank equally with all of Medtronic’s "other unsecured indebtedness,” the company said in a federal Securities & Exchange Commission filing.
Medtronic is no stranger to restructuring its debt load. A year ago, it registered for a $3 billion offering of senior debt notes to support the same measures of its latest offering.
Here’s a roundup of the latest dealflow and investment news:
- BridgePoint wraps up $9 million Series C round
Minneapolis-based BridgePoint Medical Inc. completed its third round of financing, totaling $9.1 million. The round was lead by a new strategic investor and joined by existing investors New Enterprise Associates, Polaris Venture Partners, Foundation Medical Partners and Michael Berman. The company is developing interventional cardiology technology for crossing coronary and peripheral chronic total occlusions (CTO).
- Tornier IPO underwriters excercise option to purchase more shares
Amsterdam-based Tornier N.V. (NSDQ:TRNX), the shares of which began trading on NASDAQ on Feb. 3, announced that the underwriters of its initial public offering exercised their option to purchase an additional 721,274 ordinary shares at a price of $19.00 per share. The option was granted in connection with the company’s IPO of 8,750,000 ordinary shares. TRNX shares closed at $18.50 a piece on the day the option deal was announced. The stock price closed yesterday at $18.64, up about .9 percent for the day.
- Veniti drums up $13.5 million in Series A
St. Louis, Mo.-based medical device company Veniti Inc. announced it raised $13.5 million in Series A financing. Baird Venture Partners, H&Q Healthcare Investors (NYSE:HQH) and H&Q Life Sciences Investors (NYSE:HQL) led the round, and were joined by Prolog Ventures, St. Louis Arch Angels and a number of individual investors. The proceeds will be used to acquire two additional medical device companies and begin commercialization of multiple products singularly focused on treating chronic venous disease.
- NovaShunt AG raises $25 million in Series B
Zug, Switzerland.-based NovaShunt AG announced that it raised CHF 23.7 million (about $25 million) in a Series B preferred share financing round co-led by BioMedInvest AG, Entrepreneurs Fund and Capricorn Health-tech Fund. Existing investors, NeoMed and VI Partners, were also significant participants in the new financing and NeoMed retains its role as the lead investor and largest shareholder of NovaShunt.