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Medtronic Unveils Details Of $1.08 Billion Debt Sale

DOW JONES NEWSWIRES Medtronic Inc. (MDT) unveiled details of its sale of nearly $1.08 billion of debt in two series of senior notes as the medical-devices maker raises funds for working capital and other purposes, which may include debt repayments. Medtronic sold $675 million of 10-year notes priced to yield 3.161%, or 0.90 percentage points over Treasurys, and $400 million of 30-year notes priced to yield 4.51%, or 1.1 points over Treasurys. The pricing of each bond was 0.05 points tighter than earlier guidance, indicating broad demand. Medtronic's debt sale is one of at least four sizable issues in the U.S. bond market Wednesday amid signs that investor demand for risky assets is holding up, particularly after the Federal Reserve indicated Tuesday most of the biggest U.S. banks passed the latest round of stress tests. The company, which has continued to see challenges in its key cardiac rhythm and spine business, last month reported that its fiscal third-quarter earnings rose 1.2% thanks to fewer charges and the impact of shedding its Physio-Control business. Shares were down 10 cents at $38.56 in recent trading. -By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com

Stock News for Medtronic (MDT)
DateTimeHeadline
01/27/201511:47:03Medtronic Files 8K - Changes To Articles
01/27/201511:47:02Medtronic Files 8K - Changes Executive Management
01/27/201511:46:11Medtronic Files 8K - Asset Acquisition Or Disposition
01/27/201511:46:11Medtronic Files 8K - Direct Or Off-Balance Sheet Financial Obligation
01/27/201511:46:11Medtronic Files 8K - Listing Notice
01/27/201511:46:11Medtronic Files 8K - Changes To Holder Rights
01/27/201511:46:11Medtronic Files 8K - Changes In Control
01/27/201511:46:11Medtronic Files 8K - Other Events
01/27/201511:46:10Medtronic Files 8K - Entry Into Definitive Agreement
01/22/201510:00:46Covidien Earnings Rise on Growth in Surgical Sales
01/06/201513:15:12Correction to Medtronic Shareholders Approve Deal Story
01/06/201513:05:01Medtronic, Covidien Shareholders Approve Deal
01/01/201512:14:21To Last, M&A Boom Needs to Broaden
12/30/201415:47:17Hedge Funds Stumble Over M&A in 2014
12/07/201420:25:13Deals Fuel Bond Boom
12/01/201419:54:39Medtronic's $17 Billion Bond Sale Is Year's Largest -- Update
12/01/201415:23:29Medtronic Selling Bonds for Covidien Acquisition -- Update
12/01/201410:49:16Medtronic Selling Bonds for Covidien Acquisition
11/28/201407:44:24EU Approves Medtronic's $43 Billion Merger With Covidien
11/26/201418:35:25Medtronic Acquisition of Covidien Receives U.S. FTC Clearance

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