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Medtronic enters $3.5B credit agreement

Medtronic PLC signed a $3.5 billion debt agreement to replace an old credit contract.

The Irish medical device maker said the $3.5 billion five-year unsecured revolving credit facility, which is subject to extensions, will be used for general corporate purposes, including as a backstop for the company's $3.5 billion commercial paper program.

Bank of America NA acted as administrative agent for the transaction.