Bristol-Myers prices tender offer for 5.875%, 6.125%, 6.875% debt

By Marisa Wong

Morgantown, W.Va., June 20 – Bristol-Myers Squibb Co. announced pricing terms for its cash tender offer for any and all of its 5.875% notes due 2036, 6.125% notes due 2038 and 6.875% debentures due 2097.

Pricing was set at 2 p.m. ET on June 20. The offer is set to expire at 5 p.m. ET on Tuesday.

Pricing was determined using the yield of the bid-side price of the 3% U.S. Treasury note due Feb. 15, 2047, which was 2.747%, plus a fixed spread. The consideration for each $1,000 principal amount of notes is as follows:

• $1,324.41 for the $403,364,000 of outstanding 5.875% notes due Nov. 15, 2036, using a fixed spread of 80 bps;

• $1,359.65 for the $277,594,000 of outstanding 6.125% notes due May 1, 2038, using a fixed spread of 90 bps; and

• $1,474.85 for the $260,042,000 of outstanding 6.875% debentures due Aug. 1, 2097, using a fixed spread of 187.5 bps.

Tenders for 5.875% notes and 6.125% notes will be accepted only in principal amounts equal to $2,000 or in integrals of $1,000 after that. Tenders for 6.875% debentures will be accepted only in principal amounts of $1,000 or in integrals of $1,000.

The tender is not conditioned upon any minimum amount of notes being tendered.

Tendered notes may be withdrawn before the offer ends.

Deutsche Bank Securities Inc. (866 627-0391 or 212 250-2955) is the dealer manager. D.F. King & Co., Inc. (800 334-0384, bmy@dfking.com or dfking.com/bmy) is tender agent and information agent.

Bristol-Myers is a New York-based biopharmaceutical company.

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