MINNEAPOLIS--(BUSINESS WIRE)--April 11, 2006--Medtronic (NYSE:MDT - News), today announced its intention to offer, subject to market and other conditions, $2.0 billion principal amount of Convertible Senior Notes due 2011 and $2.0 billion principal amount of Convertible Senior Notes due 2013, through offerings to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). In certain circumstances, the notes may be convertible into cash up to the principal amount. Any conversion value above the principal amount may be convertible into cash, shares of Medtronic common stock or a combination of cash and Medtronic common stock, at Medtronic's option. The interest rate, conversion price and other terms of the notes will be determined by negotiations between Medtronic and the initial purchasers of the notes. Medtronic expects to grant the initial purchasers an option to purchase up to $400 million principal amount of additional notes to cover overallotments.