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Medtronic (NYSE:MDT) announced that it priced an offering of senior notes totaling approximately $3.4986 billion (€3.5 billion).

The offering includes a roughly $500 million principal amount of 2.625% senior notes due 2025. It then features roughly $1 billion in 3% senior notes due 2028, $1 billion in 3.125% senior notes due 2031 and $1 billion in 3.375% senior notes due 2034.

All of Medtronic’s obligations under the notes will be fully and unconditionally granted by the company, according to a news release.

The medtech giant expects to use proceeds to repay at maturity its outstanding 0% senior notes due 2023, 0.375% notes due 2023 and 0% notes due 2023. Other uses include general corporate purposes. The company may elect to repay, redeem or repurchase the notes prior to maturity but currently has no intention of doing so.

Medtronic expects the offering to close on Sept. 21, 2022. The joint book-running managers for the Offering are Barclays Bank PLC, BofA Securities Europe SA, Citigroup Global Markets Limited and HSBC Continental Europe.

Filed Under: Business/Financial News, Funding Roundup Tagged With: Medtronic

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