Medtronic looks to retire up to $5b in debt

Medtronic (NYSE:MDT) today announced a cash tender offer for up to $5 billion in outstanding debt, according to recently posted SEC filing.

In the offer, which is being made through Medtronic Inc. and its Covidien International Finance subsidiary, the Fridley, Minn.-based company hopes to retire $2.5 billion in 2.5% senior notes due 2020 and $600 million in 4.2% senior notes due 2020.

The offer also includes up to $1.9 billion in various other securities, including 6.55% senior notes due 2037, 6.5% senior notes due 2039, 5.55% notes due 2040, 4.625% notes due 2044, 4.5% notes due 2042, 4.625% senior notes due 2045, 4.375% senior notes due 2035, 4.125% notes due 2021 and 4% notes due 2043, according to the filing.

The tender offer is set to expire on March 19, Medtronic said.

Yesterday, Medtronic saw shares rise after the medical device giant posted third quarter fiscal year 2019 earnings that beat expectations on Wall Street.

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