Medtronic plc announced that its indirect subsidiary, Medtronic, Inc., has completed a public offering of €1.5 billion in senior notes. The offering includes €750 million of 2.950% senior notes due in 2030 and €750 million of 4.200% senior notes due in 2045. According to the company, all obligations under these notes are fully guaranteed by both Medtronic plc and Medtronic Global Holdings S.C.A., a wholly-owned subsidiary.
The net proceeds from the offering are about €1.49 billion after underwriting discounts and related expenses are deducted. Medtronic stated that these funds are expected to be used to repay outstanding debts, specifically Medtronic Luxco’s 0.000% Senior Notes due 2025 and 2.625% Senior Notes due 2025.
Deutsche Bank AG, London Branch and Goldman Sachs & Co. LLC acted as joint book-running managers for the transaction. Information about the prospectus is available through EDGAR on the U.S. Securities and Exchange Commission website or by contacting either bank directly.
“Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Galway, Ireland, is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission — to alleviate pain, restore health, and extend life — unites a global team of 95,000+ passionate people across more than 150 countries. Our technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we are engineering the extraordinary.”
The press release also included a caution regarding forward-looking statements related to future events such as anticipated use of proceeds from this offering.
