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Medtronic to redeem $1.17B of debt

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Medtronic to redeem $1.17B of debt

Medtronic PLC plans to redeem about $1.17 billion of its senior notes, consisting of $400.0 million of its 5.600% senior notes due 2019 and $765.6 million of its 4.450% senior notes due 2020.

The redemption date for the notes will be April 27.

Medtronic also plans to repurchase a minimum of $1.2 billion of its ordinary shares over the course of its 2019 fiscal year.

The repurchases will be in addition to the company's planned share repurchases to offset employee compensation dilution and will be made under Medtronic's existing $5.0 billion share repurchase program authorized by the company's board.

Ireland-based Medtronic plans to fund the redemption of the notes and the repurchase of its ordinary shares with cash and cash equivalents on hand.