Medtronic says holders of 95.2% of convertibles exercise put option

By Laura Lutz

Des Moines, Sept. 18 - Medtronic, Inc. announced that holders of 95.2% of two series of its outstanding contingent convertible debentures due 2021 exercised the put option on Sept. 15.

As of 5 p.m. ET on Friday, the company repurchased $1,877,198,000 of the $1,971,446,000 principal amount of the debentures that was outstanding.

About $94,248,000 of the debentures remain.

The next put option will be on Sept. 15, 2008.

Minneapolis-based Medtronic is a medical technology company.

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