Bristol-Myers’ $10 billion-$15 billion bond deal on the horizon to fund Celgene merger

By Cristal Cody

Tupelo, Miss., April 25 – An investment-grade bond offering is likely on the horizon from Bristol-Myers Squibb Co. (A2/A+/A-) as part of the funding for its acquisition of Celgene Corp., according to a market source.

A deal is being pegged in the $10 billion to $15 billion area and may include dollar- and euro-denominated notes.

The companies announced the cash and stock transaction valued at about $74 billion in January.

The acquisition is expected to be funded through cash on hand and debt financing.

Bristol-Myers launched an exchange offer for up to $19.85 billion of Celgene notes in 19 issues on April 17.

The merger is expected to close in the third quarter.

Bristol-Myers Squibb and Celgene are biopharmaceutical companies based in New York and Summit, N.J., respectively.

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