Medtronic closes $16.8B refinancing

Medtronic (NYSE:MDT) said Tuesday it closed its most recent round refinancing, spending over $16.8 billion.

The exchange offers for the refinancing began August 4, 2015 and expired at 11:59 p.m EDT on August 31, according to the company.

The Fridley, Minn.-based medical device giant paid $495 million of a $500 million aggregate principal amount for floating rate senior notes due March 15, 2020. The payment represents 99% of the outstanding principal amount owed, according to the company.

The company paid $999.8 million of a $1 billion aggregate principal amount towards outstanding 1.5% senior notes due March 15, 2018, representing a 99.9% payment on the principal amount of the outstanding original 2018 notes, according to Medtronic.

A $2.4 billion payment was made on a $2.5 billion aggregate principal amount for outstanding 2.5% senior notes due March 15, 2020. That amounts to 99.7% of the amount owed for the outstanding 2020 notes, the company said.

Medtronic paid $3.9 billion of a $4 billiong aggregate principal amount towards outstanding 3.5% senior notes due March 15 2025, representing a 99.5% payment of the amount owed for the outstanding notes, according to the company.

The company paid $2.49 billion of a $2.5 billion aggregate principal amount towards outstanding 4.375% senior notes due March 15, 2035. That represents a 99.9% payment of the amount owed, Medtronic said.

The final payment was for $3.9 billion of a $4 billion aggregate principal amount towards outstanding 4.625% senior notes due March 15, 2045, representing a 99.8% payment of the total amount owed, the company said.

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