DUBLIN--(BUSINESS WIRE)--May. 22, 2012--
plc (NYSE: COV) today announced that its wholly-owned subsidiary,
Covidien International Finance S.A. (CIFSA), priced an underwritten
offering of $600 million aggregate principal amount of 1.350% senior
notes due 2015 and $650 million aggregate principal amount of 3.200%
senior notes due 2022. The offering is expected to close on May 30, 2012.
The notes will be CIFSA’s senior unsecured obligations and will rank
equally in right of payment with all of its existing and future senior
debt, and senior to any subordinated indebtedness that CIFSA may incur.
These notes are fully and unconditionally guaranteed on a senior
unsecured basis by Covidien plc and its subsidiary, Covidien Ltd.
CIFSA intends to use the net proceeds of this offering to fund the
redemption of all of its outstanding 5.450% senior notes due October
2012 and for general corporate purposes.
BNP Paribas Securities Corp., Citigroup Global Markets Inc. and Deutsche
Bank Securities Inc. are acting as joint book-running managers for the
offering. CIFSA, Covidien plc and Covidien Ltd. have filed a
registration statement (including a prospectus) with the Securities and
Exchange Commission (SEC) for the offering to which this communication
relates. Before you invest, you should read the prospectus in that
registration statement, the related preliminary prospectus supplement
and other documents that have been filed with the SEC for more complete
information about CIFSA, Covidien plc and Covidien Ltd. and the
offering. You may get these documents for free by visiting EDGAR on the
SEC web site at www.sec.gov.
Alternatively, the prospectus relating to the offering may be obtained
by calling BNP Paribas Securities Corp. toll free at 1-800-854-5674,
Citigroup Global Markets Inc. toll free at 1-877-858-5407 or Deutsche
Bank Securities Inc. toll free at 1-800-503-4611.
This announcement does not constitute an offer to sell or the
solicitation of offers to buy any security and shall not constitute an
offer, solicitation, or sale of any security in any jurisdiction in
which such offer, solicitation, or sale would be unlawful.
Any statements contained in this communication that do not describe
historical facts may constitute forward-looking statements as that term
is defined in the Private Securities Litigation Reform Act of 1995. Any
forward-looking statements contained herein are based on our
management's current beliefs and expectations, but are subject to a
number of risks, uncertainties and changes in circumstances, which may
cause actual results or Covidien actions to differ materially from what
is expressed or implied by these statements. The factors that could
cause actual future results to differ materially from current
expectations include, but are not limited to, our ability to effectively
introduce and market new products or keep pace with advances in
technology, the reimbursement practices of a small number of large
public and private insurers, cost-containment efforts of customers,
purchasing groups, third-party payors and governmental organizations,
intellectual property rights disputes, complex and costly regulation,
including healthcare fraud and abuse regulations and the Foreign Corrupt
Practices Act, manufacturing or supply chain problems or disruptions,
rising commodity costs, recalls or safety alerts and negative publicity
relating to Covidien or its products, product liability losses and other
litigation liability, divestitures of some of our businesses or product
lines, our ability to execute strategic acquisitions of, investments in
or alliances with other companies and businesses, competition, risks
associated with doing business outside of the United States, foreign
currency exchange rates and environmental remediation costs. These and
other factors are identified and described in more detail in our Annual
Report on Form 10-K for the fiscal year ended September 30, 2011, and in
subsequent filings with the SEC. We disclaim any obligation to update
these forward-looking statements other than as required by law.
Eric Kraus, 508-261-8305
Senior Vice President
Lannum, CFA, 508-452-4343