By Susanna Moon
Chicago, Nov. 13 - Abbott Laboratories said it tallied the final results in the tender offers for any and all of four series of notes, which ended at 11:59 p.m. ET on Nov. 9, with settlement slated for Nov. 13.
By the end of the offer, investors had tendered $159,864,000 of the 4.35% notes due 2014, $379,845,000 of the 2.7% notes due 2015, $811,036,000 of the 5.875% notes due 2016 and $624,765,000 of the 5.6% notes due 2017, according to a company press release.
The payouts for the notes covered by the offers are listed in the table below.
As of the most recent deadline, 5 p.m. ET on Nov. 8, holders had tendered $157.8 million of the 4.35% notes due 2014, $379.1 million of the 2.7% notes due 2015, $811.0 million of the 5.875% notes due 2016 and $624.1 million of the 5.6% notes due 2017.
Abbott called the remaining notes on Nov. 9.
Update for remaining notes
The offers to repurchase some of five series of notes will end at 11:59 p.m. ET on Nov. 26.
As of Nov. 8, in that offer, investors had tendered $807.6 million of the 5.125% notes due 2019, $402.2 million of the 4.125% notes due 2020, $452.6 million of the 6.15% notes due 2037, $485.0 million of the 6% notes due 2039 and $555.6 million of the 5.3% notes due 2040.
Given the tender cap for each series of notes in that offer, Abbott previously said it expected to accept for purchase $380.7 million of the 5.125% notes, $189.6 million of the 4.125% notes, $213.5 million of the 6.15% notes, $235.1 million of the 6% notes and $262.1 million of the 5.3% notes on a pro rata basis.
The amount accepted represented 48.5% of the 6% notes and 47.2% of each of the remaining series.
Abbott previously said it increased the tender cap for the 6% notes to $485 million from $472 million.
Those participating in the partial offer had to tender by the close on Nov. 8 in order to receive the total purchase price for that offer, which included a $30.00 per $1,000 of notes early tender payment.
Pricing for the offers was announced on Nov. 8.
The company will also pay accrued interest to the settlement date, which was Nov. 9 for the partial offer notes tendered by the early tender date and Nov. 13 for notes tendered in the any and all offers.
There is no minimum tender condition, but the offers are conditioned on financing from the planned issue of AbbVie notes.
AbbVie priced $14.7 billion of notes in six tranches on Nov. 5 to help fund its split from Abbott Laboratories as well as the $7.7 billion tender offer related to the spinoff, as previously reported by Prospect News. The size was increased from $10 billion in five tranches.
The lead dealer managers are Morgan Stanley & Co. LLC (800 624-1808 or call collect 212 761-1057), Barclays (800 438-3242 or call collect 212 528-7581), Bank of America Merrill Lynch (888 292-0070 or call collect 980 683-3215) and J.P. Morgan Securities LLC (866 834-4666 or call collect 212 834-2494).
Georgeson Inc. is the information agent (212 440-9800 for banks and brokers or 800 509-0984).
The pharmaceutical health care products company is based in Abbott Park, Ill. It launched the offers on Oct. 26.
Any and all offers
| Notes | Outstanding | Reference note | Fixed spread | Payment
|
| 4.35% notes due 2014 | $500 million | 1.25% due 2014 | 10 bps | $1,053.60
|
| 2.7% notes due 2015 | $750 million | 0.25% due 2015 | 10 bps | $1,057.81
|
| 5.875% notes due 2016 | $2 billion | 5.125% due 2016 | 15 bps | $1,183.48
|
| 5.6% notes due 2017 | $1.5 billion | 2.25% due 2017 | 25 bps | $1,230.90
|
|
|
| Partial offers
|
| Notes | Outstanding | Cap | Reference note | Spread | Payment
|
| 5.125% notes due 2019 | $2 billion | $944 million | 1.5% due 2019 | 35 bps | $1,235.55
|
| 4.125% notes due 2020 | $1 billion | $472 million | 3.5% due 2020 | 15 bps | $1,204.76
|
| 6.15% notes due 2037 | $1 billion | $472 million | 3.0% due 2042 | 49 bps | $1,496.05
|
| 6% notes due 2039 | $1 billion | $472 million | 3.0% due 2042 | 43 bps | $1,500.42
|
| 5.3% notes due 2040 | $1.25 billion | $590 million | 3.0% due 2042 | 45 bps | $1,381.88
|
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