Medtronic announces pricing of $2.0 billion of senior notes

Medtronic plc announced that its wholly-owned subsidiary, Medtronic Global Holdings S.C.A., has priced an offering of $1,000,000,000 principal amount of 4.25% senior notes due 2028 and $1,000,000,000 principal amount of 4.50% senior notes due 2033. All of Medtronic Luxco’s obligations under the Notes will be fully and unconditionally guaranteed by the Company and Medtronic, Inc., a wholly-owned indirect subsidiary of Medtronic Luxco, on a senior unsecured basis.

The net proceeds of the Offering are expected to be used to repay indebtedness, which is expected to include a portion of the outstanding indebtedness under Medtronic Luxco’s Japanese-yen denominated term loan agreement by and among Medtronic Luxco, the Company, Medtronic, Inc., and Mizuho Bank, Ltd. as administrative agent and as the lender and for general corporate purposes. The Offering is expected to close on March 30, 2023, subject to customary closing conditions. The joint book-running managers for the Offering are Barclays Capital Inc., J.P. Morgan Securities LLC and Mizuho Securities USA LLC.

The Offering is being made only by means of a prospectus dated March 3, 2023 and prospectus supplement.
MB Bureau