By Andrea Heisinger
Omaha, April 28 - Bristol-Myers Squibb Co. priced $1.6 billion of notes (A2/A+) in two tranches Monday, market sources said.
The $600 million tranche of 5.45% 10-year notes priced at 99.825 to yield 5.473%, or Treasuries plus 165 basis points.
The $1 billion tranche of 6.125% 30-year notes priced at 99.24 to yield 6.181%, or Treasuries plus 165 bps.
Each of the tranches has a make-whole redemption option of Treasuries plus 30 bps.
Bookrunners were Banc of America Securities LLC, J.P. Morgan Securities Inc. and Morgan Stanley & Co. Inc.
Co-managers were Citigroup Global Markets Inc., Goldman Sachs & Co., RBS Greenwich Capital Markets and UBS Securities LLC.
Proceeds will be used to finance the repayment of $400 million in notes due August 2008, to finance the redemption of $1.2 billion in floating-rate convertible notes due 2023 and for general corporate purposes.
The pharmaceutical company is based in New York City.
| Issuer: | Bristol-Myers Squibb Co.
|
| Issue: | Notes
|
| Amount: | $1.6 billion
|
| Bookrunners: | Banc of America Securities LLC, J.P. Morgan Securities Inc., Morgan Stanley & Co. Inc.
|
| Co-managers: | Citigroup Global Markets Inc., Goldman Sachs & Co., RBS Greenwich Capital Markets, UBS Securities LLC
|
| Trade date: | April 28
|
| Settlement date: | May 1
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A+
|
|
|
| 10-year tranche
|
| Amount: | $600 million
|
| Maturity: | May 1, 2018
|
| Coupon: | 5.45%
|
| Price: | 99.825
|
| Yield: | 5.473%
|
| Spread: | Treasuries plus 165 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
|
|
| 30-year tranche
|
| Amount: | $1 billion
|
| Maturity: | May 1, 2038
|
| Coupon: | 6.125%
|
| Price: | 99.24
|
| Yield: | 6.181%
|
| Spread: | Treasuries plus 165 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
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