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

|About: Abbott Laboratories (ABT)|By:, SA News Editor

Abbott (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.