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3M launches debt offering

3M Co. announced Sept. 21 a public offering of three series of notes and the initiation of tender offers to purchase for cash up to $400 million of its 6.375% debentures due 2028 and 5.70% notes due 2037.

The company said that the term, aggregate principal amount, interest rate and other terms of each series of the notes will be determined at pricing. Excess net proceeds from the deal will be used to finance the acquisition of device safety maker Scott Safety and for general corporate purposes.

J.P. Morgan Securities LLC, Merrill Lynch Pierce Fenner & Smith Inc., Wells Fargo Securities LLC, Barclays Capital Inc. and Morgan Stanley & Co. LLC were appointed as the joint book-running managers for the offering for the notes.