Bristol-Myers Squibb’s $11 Billion Notes Issuance for Acquisitions

Bristol-Myers Squibb (BMY) has released an update.

Bristol-Myers Squibb Company successfully completed a public offering on February 22, 2024, issuing multiple series of Notes totaling $11 billion with varying interest rates and maturities ranging from 2026 to 2064. The proceeds are earmarked for funding proposed acquisitions of Karuna Therapeutics, Inc. and RayzeBio, Inc., as well as for general corporate purposes. The Offering, governed by a 1993 Indenture and its fifteenth amendment, includes provisions for customary covenants, restrictions, and events of default, and is not contingent upon the acquisition completions, although it specifies redemption terms if certain conditions regarding the acquisitions are not met.

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