Medtronic plc (the “Company”) (NYSE:MDT) today announced the commencement of two cash tender offers by its wholly-owned indirect subsidiaries, Medtronic, Inc. (“Medtronic, Inc.”), Medtronic Global Holdings S.C.A. (“MGH”) and Covidien International Finance S.A. (“CIFSA” and, together with Medtronic, Inc. and MGH, the “Offerors”). The first tender offer (the “Any and All Tender Offer”) is for any and all of $1.175 billion total aggregate principal amount of the outstanding senior notes listed in Table 1 below (the “Any and All Notes”), which were issued by Medtronic, Inc. The second tender offer (the “Maximum Tender Offer” and, together with the Any and All Tender Offer, the “Tender Offers”) is for up to $3.0 billion (the “Aggregate Maximum Purchase Price”) combined aggregate purchase price (excluding accrued and unpaid interest to, but not including, the applicable settlement date and excluding fees and expenses related to the Tender Offers) of the outstanding senior notes listed in Table 2 below (the “Maximum Tender Offer Notes” and, collectively with the Any and All Notes, the “Notes”).
The tables below summarize certain information regarding the Notes and the Tender Offers, including the order of priority set forth in Table 2, subject to the Series Tender Caps, if applicable, and the Aggregate Maximum Purchase Price for the Maximum Tender Offer Notes. The Any and All Notes are not subject to a cap on the aggregate purchase price.
Table 1: Any and All Notes
+——–+———+————–+————+———+———+———–+——-+ | | | | | | | | Early | | | | | | U.S. | | |Tender | | | | | Principal |Treasury |Bloomberg| |Payment| |Title of| CUSIP | | Amount |Reference|Reference| Fixed | ((2) | |Security| Numbers |Issuer/Offeror|Outstanding |Security | Page |Spread((1))| (3)) | +——–+———+————–+————+———+———+———–+——-+ |4.125% | | | | 2.375% | | | | | Senior |585055AV8| Medtronic, |$500,000,000| U.S.T. | PX4 | 15 | $30 | | Notes | | Inc. | | due | | | | |due 2021| | | |3/15/2021| | | | +——–+———+————–+————+———+———+———–+——-+ |3.125% | | | | 2.375% | | | | | Senior |585055AX4| Medtronic, |$675,000,000| U.S.T. | PX5 | 15 | $30 | | Notes | | Inc. | | due | | | | |due 2022| | | |3/15/2022| | | | +——–+———+————–+————+———+———+———–+——-+
Table 2: Maximum Tender Offer Notes
+——–+———+————–+————–+———-+————–+———+———+——+——-+ | | | | | | | | | | Early | | | | | |Acceptance| | U.S. | | |Tender | | | | | Principal | Priority | |Treasury |Bloomberg| |Payment| |Title of| CUSIP | | Amount | Level( |Series Tender |Reference|Reference|Fixed | ((2) | |Security| Numbers |Issuer/Offeror| Outstanding | (4)) | Cap |Security | Page |Spread| (3)) | +——–+———+————–+————–+———-+————–+———+———+——+——-+ |6.500% | | | | | | 3.000% | | | | | Senior |585055AQ9| Medtronic, | $182,949,000 | 1 | N/A | U.S.T. | PX1 | 85 | $30 | | Notes | | Inc. | | | | due | | | | |due 2039| | | | | |2/15/2049| | | | +——–+———+————–+————–+———-+————–+———+———+——+——-+ |5.550% | | | | | | 3.000% | | | | | Senior |585055AT3| Medtronic, | $305,910,000 | 2 | N/A | U.S.T. | PX1 | 75 | $30 | | Notes | | Inc. | | | | due | | | | |due 2040| | | | | |2/15/2049| | | | +——–+———+————–+————–+———-+————–+———+———+——+——-+ |4.625% | | | | | | 3.000% | | | | | Senior |585055BU9| Medtronic, |$1,963,341,000| 3 | $100,000,000 | U.S.T. | PX1 | 70 | $30 | | Notes | | Inc. | | | | due | | | | |due 2045| | | | | |2/15/2049| | | | +——–+———+————–+————–+———-+————–+———+———+——+——-+ |4.625% | | | | | | 3.000% | | | | | Senior |585055BD7| Medtronic, | $176,594,000 | 4 | N/A | U.S.T. | PX1 | 75 | $30 | | Notes | | Inc. | | | | due | | | | |due 2044| | | | | |2/15/2049| | | | +——–+———+————–+————–+———-+————–+———+———+——+——-+ |4.500% | | | | | | 3.000% | | | | | Senior |585055AW6| Medtronic, | $128,650,000 | 5 | N/A | U.S.T. | PX1 | 75 | $30 | | Notes | | Inc. | | | | due | | | | |due 2042| | | | | |2/15/2049| | | | +——–+———+————–+————–+———-+————–+———+———+——+——-+ |4.375% | | | | | | 3.000% | | | | | Senior |585055BT2| Medtronic, |$2,381,619,000| 6 | $200,000,000 | U.S.T. | PX1 | 50 | $30 | | Notes | | Inc. | | | | due | | | | |due 2035| | | | | |2/15/2049| | | | +——–+———+————–+————–+———-+————–+———+———+——+——-+ |4.000% | | | | | | 3.000% | | | | | Senior |585055AY2| Medtronic, | $325,024,000 | 7 | N/A | U.S.T. | PX1 | 75 | $30 | | Notes | | Inc. | | | | due | | | | |due 2043| | | | | |2/15/2049| | | | +——–+———+————–+————–+———-+————–+———+———+——+——-+ |3.500% | | | | | | 2.000% | | | | | Senior |585055BS4| Medtronic, |$4,000,000,000| 8 |$1,300,000,000| U.S.T. | PX1 | 40 | $30 | | Notes | | Inc. | | | | due | | | | |due 2025| | | | | |5/31/2024| | | | +——–+———+————–+————–+———-+————–+———+———+——+——-+ |3.625% | | | | | | 2.000% | | | | | Senior |585055BC9| Medtronic, | $850,000,000 | 9 | N/A | U.S.T. | PX1 | 35 | $30 | | Notes | | Inc. | | | | due | | | | |due 2024| | | | | |5/31/2024| | | | +——–+———+————–+————–+———-+————–+———+———+——+——-+ |6.550% | | Covidien | | | | 3.000% | | | | | Senior |22303QAH3|International | $283,536,000 | 10 | N/A | U.S.T. | PX1 | 75 | $30 | | Notes | | Finance S.A. | | | | due | | | | |due 2037| | | | | |2/15/2049| | | | +——–+———+————–+————–+———-+————–+———+———+——+——-+ |3.350% | | Medtronic | | | | 2.375% | | | | | Senior |58507LAC3| Global | $850,000,000 | 11 | N/A | U.S.T. | PX1 | 30 |$30 | | Notes | | Holdings | | | | due | | | | |due 2027| | S.C.A. | | | |5/15/2029| | | | +——–+———+————–+————–+———-+————–+———+———+——+——-+ |3.150% | | | | | | 1.750% | | | | | Senior |585055BR6| Medtronic, |$2,500,000,000| 12 | N/A | U.S.T. | PX1 | 25 | $30 | | Notes | | Inc. | | | | due | | | | |due 2022| | | | | |6/15/2022| | | | +——–+———+————–+————–+———-+————–+———+———+——+——-+ |3.200% | | Covidien | | | | 1.750% | | | | | Senior |22303QAN0|International | $650,000,000 | 13 | N/A | U.S.T. | PX1 | 25 | $30 | | Notes | | Finance S.A. | | | | due | | | | |due 2022| | | | | |6/15/2022| | | | +——–+———+————–+————–+———-+————–+———+———+——+——-+ |2.950% | | Covidien | | | | 2.000% | | | | | Senior |22303QAP5|International | $309,516,000 | 14 | N/A | U.S.T. | PX1 | 25 | $30 | | Notes | | Finance S.A. | | | | due | | | | |due 2023| | | | | |5/31/2024| | | | +——–+———+————–+————–+———-+————–+———+———+——+——-+
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