Please login to the form below

Not currently logged in
Email:
Password:

Abbott plans $3bn debt offering

Abbott plans to sell a three-part offering of senior unsecured bond notes, which could range from $3bn to $4bn

Abbott plans to sell a three-part offering of senior unsecured bond notes, which could range from $3bn to $4bn, according to sources.

The offering comprises $750m of five-year notes that may yield 70 basis points more than similar-maturity Treasuries; $1bn of 10-year debt that may, similarly, pay 90 basis points more; and $1.25bn of 30-year bonds that may pay a 122 basis-point spread. A basis point is 0.1 percentage point.

Abbott is tapping the bond market for the first time since February 2009 as investors' concern that Europe's sovereign debt crisis will spread pushes issuance this month to the lowest in a decade.

The Illinois-based pharma company will use proceeds to repay some of its $3.6bn of commercial paper and for general corporate purposes, according to documents filed with the US Securities and Exchange Commission.

The proposed sale follows Abbott's recent steps to buy big parts of Solvay Pharmaceuticals of Belgium and Piramal Healthcare of India.

25th May 2010

Share

COVID-19 Updates and Daily News

Featured jobs

PMHub

Add my company
COUCH Health

We are a patient engagement agency committed to making clinical study experiences human. By guiding organisations in making everything they...

Latest intelligence

DEMAND DIVERSITY REPORT 02: Why is the LGBTQ+ community facing poorer health outcomes due to COVID-19?
We’re all aware that clinical trials have been discussed more widely since the COVID-19 pandemic. While that’s a great thing for raising awareness of clinical trials in general, it’s also...
CHECKLIST 04: Let’s make your patient recruitment strategies a success
From how to generate insights to define your audience to drilling down those all-important key messages, our checklist has everything you need to think of, covered....
Multichannel engagement and the need for greater understanding of European markets
By Laurence Olding and Georgina James...

Infographics