MANSFIELD – Covidien Plc, the medical-equipment company spun off from Tyco International Ltd., sold $1.5 billion of debt on Monday to help finance its acquisition of ev3 Inc., the company said.
Covidien agreed to purchase ev3 for $2.6 billion earlier this month to add products for heart disease, the companies said in a June 1 statement.
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Covidien has been acquiring and divesting businesses since separating from Tyco in 2007. The company said last week it plans to buy Somanetics Corp., a maker of cardiac-surgery equipment, for $250 million, according to a separate statement.
“Obviously with the acquisitions of both ev3 and Somanetics, there will be a cash outflow,” Coleman Lannum, Covidien’s vice president of investor relations, said on June 17 at the Goldman Sachs Global Healthcare Conference. “Even with the outflows that we’re looking at, we still feel very comfortable that we can hit in the right ranges that will keep us in our strong investment-grade rating zone.”
Additional information is available at covidien.com.
