Chicago, Dec. 7 – Merck & Co., Inc. priced $1 billion of 1.9% sustainability-linked notes due Dec. 10, 2028 (A1), according to a press release.
The notes were talked in the Treasuries plus 75 basis points area on Tuesday morning, a market source noted.
The tranche is part of a larger total offering of $8 billion of notes in five parts.
There is a make-whole call and then a par call.
BofA Securities, Inc., Barclays, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Goldman Sachs & Co. LLC are the joint bookrunners.
BofA Securities is the sustainability structuring agent.
Proceeds from the sustainability component of the offering will be allocated to eligible social and/or green projects.
Merck is a biopharmaceutical company based in Kenilworth, N.J.
Issuer: | Merck & Co., Inc.
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Amount: | $1 billion
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Issue: | Sustainability notes
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Maturity: | Dec. 10, 2028
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Bookrunners: | BofA Securities, Inc., Barclays, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Goldman Sachs & Co. LLC
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Sustainability structurer: | BofA Securities, Inc.
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Counsel to issuer: | In-house
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Coupon: | 1.9%
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Call features: | Make-whole call and then par call
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Trade date: | Dec. 7
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Settlement date: | Dec. 10
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Ratings: | Moody’s: A1
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Distribution: | SEC registered
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Price talk: | Treasuries plus 75 bps area
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