Cleary Gottlieb represented Medtronic in the issuance of $17 billion in senior notes, the largest bond offering of 2014 and the second largest of all time, according to Dealogic. The offering consisted of $500 million aggregate principal amount of floating rate senior notes due 2020, $1 billion aggregate principal amount of 1.500% senior notes due 2018, $2.5 billion aggregate principal amount of 2.500% senior notes due 2020, $2.5 billion aggregate principal amount of 3.150% senior notes due 2022, $4 billion aggregate principal amount of 3.500% senior notes due 2025, $2.5 billion aggregate principal amount of 4.375% senior notes due 2035 and $4 billion aggregate principal amount of 4.625% senior notes due 2045. The notes were offered in reliance on exemptions from registration under Rule 144A and Regulation S and are subject to a registration rights agreement. The offering priced on December 1, 2014 and closed on December 10, 2014.
Medtronic is a global leader in medical technology, services and solutions. The company expects to use the proceeds from the offering of the notes, together with other financing, to fund the cash consideration payable for its acquisition of Covidien, the global healthcare products company. Cleary Gottlieb also represented Medtronic in the acquisition of Covidien and the arrangement of financing in connection with the acquisition.