Medtronic advances $8B debt refi

Medtronic (NYSE:MDT) said today that it plans to finance a debt redemption of nearly $6 billion in debt with a senior notes flotation that brought in closer to $8 billion.

As part of the refi Fridley, Minn.-based Medtronic put up $7.77 billion in a tender offer it launched last month for a set of senior notes due 2020 and another set due between 2037 and 2043.

Today the world’s largest medical device maker said the closing of the new $7.0 billion notes offering triggered the tender offer redemption of $2.1 billion of the 202 notes and another $3.8 billion in the second set of notes. That $5.9 billion nut will be covered by the $7.77 billion in net proceeds from the new flotation, the company said, adding that it plans to use the overflow to redeem $700 million in 2.5% senior notes due 2020 and $200 million in 4.2% senior notes due 2020 and a set of 1.7% notes due to mature March 28.

The new offering contained €500 million in floating rate senior notes due 2021, €1.50 billion in 0.0% senior notes due 2021, €1.50 billion in 0.375% senior notes due 2023, €1.50 billion in 1.125% senior notes due 2027, €1.0 billion in 1.625% senior notes due 2031 and €1.0 billion in 2.250% senior notes due 2039, the company said.

Barclays Bank and Merrill Lynch were joint book-runners for the offering; Barclays Capital and BofA Merrill Lynch were the dealer managers for the tender, with Global Bondholder Services as information & tender agent.

($1 = €0.888237)

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