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Published on 6/24/2019 in the Prospect News Investment Grade Daily and Prospect News Liability Management Daily.

Medtronic opens cash tender offer for up to $4.18 billion of notes

By Rebecca Melvin

New York, June 24 – Medtronic plc announced the beginning of cash tender offers for up to $4,175,000,000 of notes issued by subsidiaries Medtronic Inc., Medtronic Global Holdings SCA and Covidien International Finance SA.

The first tender offer is for all $1,175,000,000 of notes issued in two series by Medtronic Inc. at a fixed spread of 15 basis points over the appropriate U.S. Treasury reference security.

Those notes include

• $500 million of 4.125% senior notes due 2021; and

• $675 million of 3.125% senior notes due 2022.

The second tender offer is for $3 billion of notes across 14 series of notes for a maximum amount, and issued by Medtronic Inc., except for three series issued by Covidien and one by Medtronic Global Holdings. They include

• $182,949,000 of 6.5% senior notes due 2039 at 85 bps over Treasuries;

• $305.91 million of 5.55% senior notes due 2040 at 75 bps over Treasuries;

• $1,963,341,000 of 4.625% senior notes due 2045 at 70 bps over Treasuries;

• $176,594,000 of 4.625% senior notes due 2044 at 75 bps over Treasuries;

• $128.65 million of 4.5% senior notes due 2042 at 75 bps over Treasuries;

• $2,381,619,000 of 4.375% notes due 2035 at 50 bps over Treasuries;

• $325,024,000 of 4% senior note due 2043 at 75 bps over Treasuries;

• $4 billion of 3.5% senior notes due 2025 at 40 bps over Treasuries;

• $850 million of 3.625% notes due 2024 at 35 bps over Treasuries;

• $283,536,000 of 6.55% senior notes due 2037, issued by Covidien, at 75 bps over Treasuries;

• $850 million of 3.625% senior notes due 2027, issued by Medtronic Global Holdings, at 30 bps over Treasuries;

• $2.5 billion of 3.15% senior notes due 2022, issued by Covidien, at 25 bps over Treasuries;

• $650 million of 3.2% senior notes due 2022, issued by Covidien, at 25 bps over Treasuries; and

• $309,516,000 of 2.95% senior notes due 2023 at 25 bps over Treasuries.

The tender offers will expire at midnight ET on July 24, unless extended or earlier terminated. Holders of the notes must validly tender and not validly withdraw their notes prior to 5 p.m. ET on July 9 to be eligible to receive an early tender payment in addition to the applicable tender offer consideration.

Barclays, BofA Securities Inc. and Goldman Sachs & Co. LLC are acting as the dealer managers for the offers. The information agent and tender agent is Global Bondholder Services Corp.

Medtronic is a medical technology and services company based in Dublin.


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