Medtronic secures amended, restated $3.5 billion five-year revolver

By Sarah Lizee

Olympia, Wash., Dec. 13 – Medtronic Global Holdings SCA entered into an amended and restated credit agreement on Wednesday with Bank of America, NA as administrative agent, providing for a $3.5 billion five-year unsecured revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The revolver is subject to two one-year extension options.

The commitments are intended to be used for general corporate purposes, including to backstop the company’s $3.5 billion commercial paper program.

The credit agreement includes a multicurrency borrowing feature for specified foreign currencies.

Borrowings bear interest at Libor plus 50 basis points to 112.5 bps, based on long-term debt ratings.

In addition, a ratings-based commitment fee will accrue at a rate between 4.5 bps and 11 bps per annum on the unused commitments.

Merrill Lynch, Pierce, Fenner & Smith Inc., Citibank, NA, Deutsche Bank Securities Inc., JPMorgan Chase Bank, NA, Barclays Bank plc, Goldman Sachs Bank USA, HSBC Securities (USA) Inc. and Mizuho Bank, Ltd. are joint lead arrangers and joint bookrunners.

Citibank, Deutsche Bank, JPMorgan, Barclays, Goldman Sachs, HSBC and Mizuho are syndication agents.

Medtronic is a medical technology and services company based in Dublin.

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