Medtronic lifts conversion rate of 1.5%, 1.625% convertibles

By Jennifer Chiou

New York, April 18 - Medtronic, Inc. said it augmented the conversion rate of its 1.5% convertible senior notes due 2011 and its 1.625% convertible senior notes due 2013 to 17.8715 shares of common stock per $1,000 principal amount of notes.

The change became effective on Friday. Previously, the conversion rate was 17.8315 shares per $1,000 principal amount and 17.8113 before that.

The adjustment was made to reflect the cash dividends paid on the company's common stock since the notes were issued, according to an 8-K report filed with the Securities and Exchange Commission.

Medtronic's spinal surgery focus has been on younger patients suffering from scoliosis and degenerative disc disease in the cervical and lumbar spine. The company is based in Minneapolis.

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