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Medtronic calls all 5.6% notes due 2019, 4.45% notes due 2020
By Marisa Wong
Morgantown, W.Va., March 23 – Medtronic plc plans to redeem all of Medtronic, Inc.’s $400 million of 5.6% senior notes due 2019 and $765.6 million of 4.45% senior notes due 2020, according to an 8-K filing with the Securities and Exchange Commission.
The notes will be redeemed on April 27 at a redemption price equal to the outstanding principal amount of the notes and a make-whole premium plus accrued interest.
The company said it believes the redemption represents an attractive opportunity to deploy its capital efficiently, given the economic benefit of lower net interest expense and lower average cost of debt outstanding.
The company intends to fund the redemption with cash and cash equivalents on hand.
Medtronic is a medical technology and services company based in Dublin.
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