Medtronic plans $2B debt flotation

Medtronic (NYSE:MDT) today announced a series of upcoming offerings, looking to bring in approximately $2 billion.

The Fridley, Minn.-based company announced 2 offerings to be held through its subsidiary Medtronic Global Holdings, or Medtronic Luxco, looking to bring in $1 billion in 1.7% senior notes due 2019 and $850 million in 3.35% senior notes due 2027.

Medtronic released details on an additional offering of $150 million in 4.625% senior notes due 2045, to be held by itself and not its subsidiary Medtronic Luxco. The notes in this offering will form a single series with the $4 billion in outstanding 4.625% notes due 2045, according to a press release.

Net proceeds from the round will be used for general corporate purposes, Medtronic said. Citigroup Global Markets, Goldman Sachs, Morgan Stanley and Wells Fargo Securities are acting as joint book-runners for the offering, with BNP Paribas Securities, Deutsche Bank Securities, HSBC Securities and Mizuho Securities acting as co-managers.

Earlier this week, Medtronic initiated a voluntary recall of all unused StrataMR adjustable valves and shunts over issues with the flow resistance in the valve which may result in under drainage of cerebrospinal fluid.

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