DUBLIN - March 31, 2016 - Medtronic plc (the “Company”) (NYSE: MDT) today announced the commencement of a cash tender offer (the “Tender Offer”) by its wholly-owned subsidiaries, Medtronic, Inc. (“Medtronic, Inc.”) and Covidien International Finance S.A. (“CIFSA” and, together with Medtronic, Inc., the “Offerors”), for up to $2.75 billion combined aggregate purchase price (excluding accrued and unpaid interest to, but not including, the applicable settlement date and excluding fees and expenses related to the Tender Offer) (the “Maximum Tender Amount”) of CIFSA’s 6.550% Senior Notes due 2037 and 2.950% Senior Notes due 2023 and Medtronic, Inc.'s 4.000% Senior Notes due 2043, 2.750% Senior Notes due 2023, 4.450% Senior Notes due 2020, 4.375% Senior Notes due 2035 and 2.500% Senior Notes due 2020 (collectively, the “Notes”). The purpose of the Tender Offer is to reduce the level of the Company’s indebtedness, consistent with the capital allocation plans announced by the Company on January 11, 2016. The Company continues to target an A credit profile.
