Med-tech titan Medtronic (NYSE:MDT) priced a debt offering worth $1.07 billion, saying it plans to use the funds for "general corporate purposes, which may include repayment of its indebtedness."
The Fridley, Minn.-based device maker offered $675 million in 3.125% senior notes due 2022 and $400 million of 4.5% senior notes due 2042, according to a press release.
Medtronic reported $8.25 billion in long-term debt and $14.74 billion in total liabilities as of Jan. 27 in its recent earnings report.
The world’s largest pure-play device maker posted increased 3rd-quarter sales and earnings. The Fridley, Minn.-based medical device leviathan posted profits of $935 million, or 84¢ per share, on sales of $3.92 billion during the 3 months ended Jan. 27. That’s a bottom-line gain of 1.2% and a top-line increase of 1.6%, compared with Q3 2011.
Mid-March debt-restructuring is par-for-the-course for Medtronic, which launched a $1 billion debt offering in March 2011 and a $3 billion offering in March 2010.
MDT shares were down 4¢ in late afternoon trading today, hitting $38.62 as of about 4:00 p.m.