Covidien (COV) Prices $1.250 Billion Senior Notes Offering

Covidien plc (NYSE: COV) 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.

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