MiniMed Group completes IPO, raises ~$560M; Medtronic retains 90% ownership

MiniMed Group, Inc.

• IPO of 28M shares at $20/share; net proceeds ~$560M; $309M retained for corporate purposes, excess repays Medtronic intercompany debt.
• Medtronic owns ~90% post-IPO; Separation completed via merger with KH2 and transfer of Medtronic's Diabetes business assets.
• New 9-member board appointed with Kevin Lofton as Chair; officers include CEO Que Dallara, CFO Chad Spooner, etc.
• $500M revolving credit facility established upon IPO closing for working capital and general corporate purposes.
• Separation agreements filed governing tax, employee benefits, IP cross-licenses, transition services, and supply arrangements.