Medtronic to offer guaranteed senior notes in parts due 2028, 2033

By William Gullotti

Buffalo, N.Y., March 23 – Medtronic Global Holdings SCA is planning to price a two-part offering of guaranteed senior notes due 2028 and 2033 (A3), according to a 424B3 filing with the Securities and Exchange Commission.

The notes will be guaranteed by both Medtronic plc and Medtronic, Inc.

Each series will feature a make-whole call until some months prior to maturity, followed by a par call.

Barclays, J.P. Morgan Securities LLC and Mizuho Securities USA LLC are the joint bookrunning managers.

Computershare Trust Co., NA is the trustee.

Wilmer Cutler Pickering Hale and Dorr LLP, DLA Piper Luxembourg Sarl, A&L Goodbody and in-house counsel will advise the issuer.

Davis Polk & Wardwell LLP is counsel to the underwriters.

Proceeds from the offering will be used to repay outstanding debt, which is expected to include ¥297 billion, or approximately $2.3 billion, of the company’s May 1, 2023-maturing term loan.

Medtronic is a medical technology and services company based in Dublin. Subsidiary Medtronic Global Holdings is based in Luxembourg. Medtronic Inc. is based in Minneapolis.

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