On September 24, 2020 Medtronic plc (the "Company") (NYSE: MDT) reported that its wholly-owned subsidiary, Medtronic Global Holdings S.C.A. ("Medtronic Luxco"), has priced an offering (the "Offering") of €1,250,000,000 principal amount of 0.000% senior notes due 2023, €1,000,000,000 principal amount of 0.000% senior notes due 2025, €1,000,000,000 principal amount of 0.375% senior notes due 2028, €1,000,000,000 principal amount of 0.750% senior notes due 2032, €1,000,000,000 principal amount of 1.375% senior notes due 2040, and €1,000,000,000 principal amount of 1.625% senior notes due 2050 (collectively, the "Notes") (Press release, Medtronic, SEP 24, 2020, View Source [SID1234565618]). All of Medtronic Luxco’s obligations under the Notes will be fully and unconditionally guaranteed by 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 repay Medtronic Luxco’s outstanding Floating Rate Senior Notes due 2021 at maturity on March 7, 2021 and to redeem all or a portion of certain series of outstanding senior notes issued by Medtronic Luxco, Medtronic, Inc. and Covidien International Finance S.A., a wholly-owned indirect subsidiary of the Company. 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 September 29, 2020, subject to customary closing conditions. The joint book-running managers for the Offering are Barclays Bank PLC, BofA Securities Europe SA, Mizuho Securities Europe GmbH and Deutsche Bank Aktiengesellschaft.
The Offering is being made only by means of a prospectus dated February 28, 2020 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, BofA Securities Europe SA, at +33(0) 1 8770 0000, Mizuho Securities Europe GmbH, at +44 20 7248 3920 or [email protected], or Deutsche Bank Aktiengesellschaft, at +1-800-503-4611.