By Andrea Heisinger
Omaha, Nov. 6 - Abbott Laboratories priced an upsized $3.5 billion of notes (A1/AA) in three tranches Tuesday, an informed source said.
The issue was launched at $3 billion in two tranches.
A $1 billion tranche of 5.15% five-year notes priced at 99.961 to yield 5.158%, or Treasuries plus 117 basis points. The tranche has a make-whole call at Treasuries plus 20 bps. Price talk was in the Treasuries plus 117 bps area.
A $1.5 billion tranche of 5.6% 10-year notes priced at 99.699 to yield 5.639%, or Treasuries plus 127 bps. The tranche has a make-whole call at Treasuries plus 25 bps. Price talk was 127 bps to 130 bps over Treasuries.
A $1 billion tranche of 6.15% 30-year notes priced at 99.6 to yield 6.179%, or Treasuries plus 150 bps. The tranche has a make-whole call at Treasuries plus 30 bps. Price talk was in the Treasuries plus 150 bps area.
Bookrunners were Morgan Stanley, BNP Paribas, Citigroup and Wachovia.
Proceeds will be used for repayment of commercial paper and for general corporate purposes.
The health care products and pharmaceutical company is based in Abbott Park, Ill.
| Issuer: | Abbott Laboratories
|
| Issue: | Notes
|
| Amount: | $3.5 billion, upsized from $3 billion
|
| Bookrunners: | Morgan Stanley, BNP Paribas, Citigroup, Wachovia
|
| Trade date: | Nov. 6
|
| Settlement date: | Nov. 9
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: AA
|
|
|
| Five-year tranche
|
| Amount: | $1 billion
|
| Maturity: | Nov. 30, 2012
|
| Coupon: | 5.15%
|
| Price: | 99.961
|
| Yield: | 5.158%
|
| Spread: | Treasuries plus 117 bps
|
| Call: | Make-whole at Treasuries plus 20 bps
|
| Price talk: | 117 bps area
|
|
|
| 10-year tranche
|
| Amount: | $1.5 billion
|
| Maturity: | Nov. 30, 2017
|
| Coupon: | 5.6%
|
| Price: | 99.699
|
| Yield: | 5.639%
|
| Spread: | Treasuries plus 127 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Price talk: | 127 to 130 bps
|
|
|
| 30-year tranche
|
| Amount: | $1 billion
|
| Maturity: | Nov. 30, 2037
|
| Coupon: | 6.15%
|
| Price: | 99.6%
|
| Yield: | 6.179%
|
| Spread: | Treasuries plus 150 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
| Price talk: | 150 bps area
|
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