Medtronic buys back $8B in debt tender

Medtronic (NYSE:MDT) said today that it bought back nearly $8 billion in debt as part of a tender offer it launched last month.

The Fridley, Minn.-based medical device maker said it paid $2.12 billion to redeem some of the $3.10 billion in senior notes due 2020 and $5.65 billion worth of a series of notes due between 2037 and 2043, for a total of $nearly 7.77 billion.

Barclays Capital and BofA Merrill Lynch are the dealer managers, with Global Bondholder Services as information & tender agent.

Here’s a breakdown of the senior note redemptions:

Security	Principal Amount Outstanding	Principal Amount Tendered
2.500% Senior Notes due 2020	$2,500,000,000	$1,768,138,000
4.20% Senior Notes due 2020	$600,000,000	$350,090,000
SUBTOTAL	$3,100,000,000	$2,118,228,000
6.550% Senior Notes due 2037	$374,039,000	$90,503,000
6.50% Senior Notes due 2039	$300,000,000	$117,051,000
5.550% Notes due 2040	$500,000,000	$194,090,000
4.625% Notes due 2044	$650,000,000	$473,406,000
4.500% Notes due 2042	$400,000,000	$271,350,000
4.625% Senior Notes due 2045	$4,150,000,000	$2,650,537,000
4.375% Senior Notes due 2035	$2,381,619,000	$1,621,731,000
4.125% Notes due 2021	$500,000,000	$200,070,000
4.000% Notes due 2043	$325,024,000	$32,582,000
SUBTOTAL	$9,580,682,000	$5,651,320,000
TOTAL	$12,680,682,000	$7,769,548,000

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