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Abbott launches exchange offer for $3.1B in St. Jude debt

Feb. 21, 2017 10:13 AM ETAbbott Laboratories (ABT) StockBy: Douglas W. House, SA News Editor
  • Abbott (NYSE:ABT +0.9%) commences an offer to exchange five series of notes previously issued by St. Jude Medical, LLC for notes issued by Abbott (aggregate value of $3.1B) along with soliciting consents from noteholders to accept less restrictive terms, specifically the elimination certain covenants, event of default provisions and others.
  • Holders will receive $1,000 principal amount of Abbott notes in exchange for each $1,000 principal amount of the STJ notes in addition to a cash consent fee of $2.50. The interest rates, maturity dates and currency will remain the same. The offer started today will be expire on March 20.

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