Medtronic Announces Pricing of $2.0 Billion of Senior Notes

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Mar 23, 2023, 19:41 ET

DUBLIN, March 23, 2023 /PRNewswire/ -- Medtronic plc (the "Company") (NYSE: MDT) announced today that its wholly-owned subsidiary, Medtronic Global Holdings S.C.A. ("Medtronic Luxco"), has priced an offering (the "Offering") of $1,000,000,000 principal amount of 4.25% senior notes due 2028 and $1,000,000,000 principal amount of 4.50% senior notes due 2033 (collectively, the "Notes"). 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.

The net proceeds of the Offering are expected to be used to repay indebtedness, which is expected to include a portion of the outstanding indebtedness under Medtronic Luxco's Japanese-yen denominated term loan agreement by and among Medtronic Luxco, the Company, Medtronic, Inc., and Mizuho Bank, Ltd. as administrative agent and as the lender and for general corporate purposes. The Offering is expected to close on March 30, 2023, subject to customary closing conditions. The joint book-running managers for the Offering are Barclays Capital Inc., J.P. Morgan Securities LLC and Mizuho Securities USA LLC.

The Offering is being made only by means of a prospectus dated March 3, 2023 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 Capital Inc., toll-free at 1-888-603-5847, J.P. Morgan Securities LLC, at J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, Attn: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone: 1-866-803-9204 and Mizuho Securities USA LLC, toll-free at 1-866-271-7403.

About Medtronic
Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Dublin, Ireland, is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission — to alleviate pain, restore health, and extend life — unites a global team of 90,000+ passionate people across 150 countries. Our technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we are engineering the extraordinary.

Forward-Looking Statements

This press release may be deemed to contain forward-looking statements regarding future events 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 expected 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, as well as the risk factors and cautionary statements described in Medtronic plc's filings with the SEC, including the risk factors contained in Medtronic plc's most recent Annual Report on Form 10-K. Medtronic plc does not undertake to update its forward-looking statements.