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Investor calls underway for spinoff megadeal of Haleon from GSK
By Cristal Cody
Chicago, March 18 – Fixed-income investor calls started on Thursday to finance the spinoff of Haleon from GlaxoSmithKline plc, according to a market source.
The multicurrency offering (Baa1/BBB) is expected to be £10.5 billion sterling, or $13.8 billion equivalent, and is expected to include dollar, euro and sterling tranches.
GSK Consumer Healthcare Capital US LLC and GSK Consumer Healthcare Capital UK plc will be listed as issuers on the notes that will be guaranteed by GlaxoSmithKline plc.
Maturities are expected to range from two years to 30 years.
BofA Securities, Goldman Sachs, Citigroup, HSBC and Mizuho are arranging the sale.
The demerger is expected to be completed in July.
Pricing could come as early as Monday.
GlaxoSmithKline is a Brentford, U.K.-based pharmaceutical company.
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