Biogen prices $1B offerring of shares
Massachusetts, USA-based Biogen Idec has priced a public offering of $1.0 billion principal amount of senior unsecured notes. The offering of senior unsecured notes includes $450.0 million in aggregate principal amount of 6.0% notes due 2013 and a further $550.0 million of 6.875% notes due 2018. The sale of the notes was expected to close on March 4, 2008, subject to customary closing conditions.
Biogen Idec plans to use the net proceeds from this offering, together with cash on hand, to repay indebtedness under its $1.5 billion bridge facility, the proceeds of which were used to repurchase shares of Biogen Idec's common stock in a $3.0 billion "Dutch Auction" tender offer settled on July 2, 2007.
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