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Medtronic Announces Offer of Senior Notes
Sep 13, 2005
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Medical device maker Medtronic, Inc. announced it has priced an offering of U.S. $400 million aggregate principal amount of 4-3/4 percent notes due 2010 and $600 million aggregate principal amount of 4-3/4 percent notes due 2015.

Medtronic says it intends to use the net proceeds from the sale of the notes for general corporate purposes, including the repayment of a portion of its outstanding commercial paper.

The notes are being offered in the U.S. to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933, as amended, and outside of the U.S. in reliance on Regulation S under the Securities Act. The notes have not been registered under the Securities Act and may not be offered or sold in the U.S. without registration or an applicable exemption of the registration requirements.

Each series of notes will be Medtronic’s general unsecured senior obligations and will rank equally in right of payment with its existing and future unsubordinated debt, but will be structurally subordinated to all future and existing obligations of Medtronic’s subsidiaries.

The notes will be redeemable at any time prior to their respective maturities at prices equal to the greater of the principal amount and the sum of the present values of the remaining scheduled payments of principal and interest in respect of the notes to be redeemed discounted to the date of redemption, plus, in each case, accrued interest.

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