B-MS issues $1.6 billion senior notes
US drug major Bristol-Myers Squibb says that it has agreed to sell $1.6 billion of senior unsecured notes: $600.0 million in aggregate principal amount of 5.450% notes due May 1, 2018, and $1.0 billion in aggregate principal amount of 6.125% notes due May 1, 2038, in an underwritten public offering. Banc of America Securities, JP Morgan Securities and Morgan Stanley are acting as representatives of the underwriters.
B-MS intends to use the net proceeds from the offering to finance the repayment of its $400.0 million principal amount of the 4.00% notes due this August, to finance redemptions of its $1.2 billion principal amount of floating rate convertible debentures due 2023 at the option of holders in 2008 and general corporate purposes. The offering was expected to close on May 1.
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