Abbott (NYSE:ABT) said today it opened offers looking to exchange notes offered by St. Jude Medical, which it acquired for $25 billion last month, for notes issued by Abbott.
Included are St Jude’s 2% senior notes due 2018, 2.8% senior notes due 2020, 3.25% senior notes due 2023, 3.875% senior notes due 2025 and 4.75% senior notes due 2043, according to a press release. Each set of notes will be exchanged for equal abbott notes, according to the release.
The company said it filed with the SEC today, but it has not yet been declared effective.
Abbott said that in connection with the exchange offers, it is soliciting consent from STJ note holders to amend indentures governing the notes to eliminate covenants, event of default provisions and other provisions.
Last month, Abbott closed its $25 billion buy of St Jude Medical, permanently tying up the 2 major medtech players. Under the merger agreement, St. Jude Medical will now be a wholly-owned subsidiary of Abbott, with its last day of trading on the NYSE ending today.
Abbott touted the acquisition, saying it would position the combined entity to cover “nearly every area” of the cardiovascular market, holding onto the number 1 or 2 positions “across large and high-growth cardiovascular device markets.”
The companies won US and Chinese anti-trust clearance for the merger at the beginning of the year.
The post Abbott floats bid to exchange St. Jude senior notes appeared first on MassDevice.
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