01—Abstract
Summary
Summary of the 8-K filed September 16, 2025. Cited figures are marked; the original filing is the authoritative source.
Medtronic plc (MDT) has filed an 8-K detailing the pricing and issuance of new senior notes, alongside the redemption of existing notes.
The company will issue €1.5 billion in aggregate principal amount of new senior notes, consisting of €750 million due 2030 at 2.950%a and €750 million due 2045 at 4.200%. These new notes are guaranteed by Medtronic plc and Medtronic Luxco. The net proceeds from this offering are earmarked to repay Medtronic Luxco's maturing 0.000% and 2.625% Senior Notes due 2025.
Specifically, Medtronic Luxco has elected to redeem all outstanding €500 million of its 2.625%b Senior Notes due 2025 on September 29, 2025, at a price of 100% of the principal plus accrued interest. The redemption is contingent on the successful completion of the new notes issuance. This refinancing activity was previously factored into Medtronic's reiterated fiscal year 2026 adjusted earnings per share guidance.
02—Key points
Key Highlights
- Medtronic plc priced a new offering of €1.5 billion in Senior Notes, split between €750 million due 2030 (2.950% coupon) and €750 million due 2045 (4.200% coupon).
- Proceeds from the new note issuance will be used to repay existing Medtronic Luxco Senior Notes maturing in 2025.
- Medtronic Luxco has initiated the redemption process for its entire €500 million of 2.625% Senior Notes due 2025.
- The redemption of the existing notes is scheduled for September 29, 2025, at par plus accrued interest.
- The redemption is conditional on the successful completion of the new debt issuance by the redemption date.
- The company reiterated its fiscal year 2026 adjusted earnings per share guidance, indicating these financing activities were anticipated.
- New notes are fully and unconditionally guaranteed by Medtronic plc and Medtronic Luxco.
03—Questions
Frequently Asked Questions
What is the primary purpose of this 8-K filing?
This 8-K filing announces the pricing of a new debt issuance and the subsequent redemption of existing debt. Medtronic is issuing new senior notes to raise capital that will be used to repay maturing debt obligations.
How much new debt is Medtronic issuing, and what are the terms?
Medtronic, Inc. will issue €1.5 billion in aggregate principal amount of Senior Notes. This includes €750 million of 2.950% Senior Notes due 2030 and €750 million of 4.200% Senior Notes due 2045. These notes are guaranteed by Medtronic plc and Medtronic Luxco.
Which existing notes are being repaid, and when?
Medtronic Luxco will use the proceeds to repay its 0.000% Senior Notes due 2025 and its 2.625% Senior Notes due 2025. Medtronic Luxco has formally elected to redeem all €500 million of its outstanding 2.625% Senior Notes due 2025 on September 29, 2025. The redemption price will be 100% of the principal amount plus accrued interest.
Is the redemption of the existing notes guaranteed?
The redemption of the 2.625% Senior Notes due 2025 is conditional upon the successful issuance and sale of the new senior notes on or before the redemption date. If the new debt issuance is not completed by the redemption date, Medtronic Luxco has the discretion to delay the redemption.
04—Continue