On March 4, 2019 Medtronic plc (NYSE:MDT) reported that its wholly-owned subsidiary, Medtronic Global Holdings S.C.A. ("Medtronic Luxco"), has priced an offering of €500,000,000 principal amount of floating rate senior notes due 2021, €1,500,000,000 principal amount of 0% senior notes due 2021, €1,500,000,000 principal amount of 0.375% senior notes due 2023, €1,500,000,000 principal amount of 1.125% senior notes due 2027, €1,000,000,000 principal amount of 1.625% senior notes due 2031, and €1,000,000,000 principal amount of 2.250% senior notes due 2039 (collectively, the "Notes") (Press release, Medtronic, MAR 4, 2019, View Source;p=RssLanding&cat=news&id=2390014 [SID1234533988]). All of Medtronic Luxco’s obligations under the Notes will be fully and unconditionally guaranteed by Medtronic plc and Medtronic, Inc., a wholly-owned indirect subsidiary of Medtronic Luxco, on a senior unsecured basis.
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
The net proceeds of the offering will be used to fund the previously announced tender offers for several series of outstanding notes issued by Medtronic, Inc. and Covidien International Finance S.A., a wholly-owned indirect subsidiary of Medtronic plc, and to pay accrued and unpaid interest, premiums, fees and expenses in connection with those tender offers. Any remaining net proceeds of the offering will be used for repayment of Medtronic Luxco’s 1.700% senior notes due 2019 at maturity on March 28, 2019 plus accrued and unpaid interest thereon, repayment of other indebtedness and general corporate purposes. The offering is expected to close on March 7, 2019, subject to customary closing conditions. The joint book-running managers for the offering are Barclays Bank PLC and Merrill Lynch International.
The offering is being made only by means of a prospectus dated February 3, 2017 and prospectus supplement (together, the "Prospectus"). You may get these documents for free by visiting EDGAR on the Securities and Exchange Commission website at www.sec.gov. Alternatively, copies of the Prospectus for each offering may be obtained by contacting Barclays Bank PLC, toll free at +1-888-603-5847 and Merrill Lynch International, toll-free at +1-800-294-1322.