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|Medtronic Announces Pricing of €7.0 Billion of Senior Notes|
DUBLIN - March 4, 2019 - Medtronic plc (NYSE:MDT) announced today that its wholly-owned subsidiary, Medtronic Global Holdings S.C.A. ("Medtronic Luxco"), has priced an offering of €500,000,000 principal amount of floating rate senior notes due 2021, €1,500,000,000 principal amount of 0% senior notes due 2021, €1,500,000,000 principal amount of 0.375% senior notes due 2023, €1,500,000,000 principal amount of 1.125% senior notes due 2027, €1,000,000,000 principal amount of 1.625% senior notes due 2031, and €1,000,000,000 principal amount of 2.250% senior notes due 2039 (collectively, the "Notes"). All of Medtronic Luxco's obligations under the Notes will be fully and unconditionally guaranteed by Medtronic plc and Medtronic, Inc., a wholly-owned indirect subsidiary of Medtronic Luxco, on a senior unsecured basis.
The net proceeds of the offering will be used to fund the previously announced tender offers for several series of outstanding notes issued by Medtronic, Inc. and Covidien International Finance S.A., a wholly-owned indirect subsidiary of Medtronic plc, and to pay accrued and unpaid interest, premiums, fees and expenses in connection with those tender offers. Any remaining net proceeds of the offering will be used for repayment of Medtronic Luxco's 1.700% senior notes due 2019 at maturity on March 28, 2019 plus accrued and unpaid interest thereon, repayment of other indebtedness and general corporate purposes. The offering is expected to close on March 7, 2019, subject to customary closing conditions. The joint book-running managers for the offering are Barclays Bank PLC 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 each offering may be obtained by contacting Barclays Bank PLC, toll free at +1-888-603-5847 and Merrill Lynch International, toll-free at +1-800-294-1322.
This press release may be deemed to contain forward-looking statements regarding future events and the company's future results that are subject to the safe harbor created under Private Securities Litigation Reform Act of 1995 and other safe harbors under the Securities Act and the Securities Exchange Act of 1934. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but without limitation, statements relating to the offering and the use of proceeds therefrom, and the expected closing date of the offering.
You should pay particular attention to the important risk factors and cautionary statements referenced in the "Risk Factors" section of the prospectus related to the offering referenced above, as well as the risk factors and cautionary statements described in Medtronic plc's filings with the SEC, including the risk factors contained in each of Medtronic plc's most recent Quarterly Reports on Form 10-Q and Annual Report on Form 10-K. Medtronic plc does not undertake to update its forward-looking statements.