Medtronic Sells $17 Billion of Bonds for Covidien Deal
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Medtronic Inc. sold $17 billion in the biggest dollar-denominated bond offering in more than a year to help fund its $42 billion purchase of Covidien Plc.
The maker of heart-rhythm devices issued the debt in seven parts, including 10-year notes that sold at 140 basis points more than similar-maturity Treasuries, according to data compiled by Bloomberg. The deal is the biggest since Verizon Communications Inc. raised $49 billion in a bond offering in September 2013, Bloomberg data show.