On June 25, 2019 Medtronic plc (NYSE:MDT) reported that its wholly-owned subsidiary, Medtronic Global Holdings S.C.A. ("Medtronic Luxco"), has priced an offering (the "Offering") of €250,000,000 principal amount of floating rate senior notes due 2021, €750,000,000 principal amount of 0.00% senior notes due 2022, €1,000,000,000 principal amount of 0.25% senior notes due 2025, €1,000,000,000 principal amount of 1.00% senior notes due 2031, €1,000,000,000 principal amount of 1.50% senior notes due 2039, and €1,000,000,000 principal amount of 1.75% senior notes due 2049(collectively, the "Notes") (Press release, Medtronic, JUN 25, 2019, View Source;p=RssLanding&cat=news&id=2402331 [SID1234537264]).The floating rate senior notes due 2021 are further issuances of, fully fungible with, rank equally in right of payment with and form a single series with the €500,000,000 principal amount of floating rate senior notes due 2021 initially issued by Medtronic Luxco on March 7, 2019. All of Medtronic Luxco’s obligations under the Notes will be fully and unconditionally guaranteed by Medtronic plc (the "Company") and Medtronic, Inc., a wholly-owned indirect subsidiary of Medtronic Luxco, on a senior unsecured basis.
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The net proceeds of the Offering will be used to fund the previously announced cash tender offers (the "Tender Offers") for several series of outstanding notes issued by Medtronic, Inc., Medtronic Luxco and Covidien International Finance S.A., a wholly-owned indirect subsidiary of the Company, and to pay accrued and unpaid interest, premiums, fees and expenses in connection with the Tenders Offers. Any remaining net proceeds of the Offering will be used for repayment of other indebtedness and general corporate purposes. The Offering is expected to close on July 2, 2019, subject to customary closing conditions. The joint book-running managers for the Offering are Barclays Bank PLC, Goldman Sachs & Co. LLC and Merrill Lynch International.
The Offering is being made only by means of a prospectus dated February 3, 2017 and prospectus supplement (together, the "Prospectus"). You may get these documents for free by visiting EDGAR on the Securities and Exchange Commission website at www.sec.gov. Alternatively, copies of the Prospectus for the Offering may be obtained by contacting Barclays Bank PLC, toll free at +1-888-603-5847, Goldman Sachs & Co. LLC, toll-free at +1-866-471-2526 and Merrill Lynch International, toll-free at +1-800-294-1322.