Elanco Animal Health sets fixed-income investor calls for possible $2.5 billion bond offering

By Cristal Cody

Tupelo, Miss., Aug. 8 – Elanco Animal Health Inc. (Baa3/BB+/) plans to hold fixed-income investor calls on Thursday for a potential $2.5 billion offering of senior notes, according to a market source.

Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are the arrangers.

Elanco Animal Health is being spun off from Eli Lilly & Co. as a stand-alone company.

Proceeds from the offering will be used to fund the spin-off and for general corporate purposes.

Moody’s assigned the company a high-grade rating on Wednesday.

Elanco Animal Health is an animal health products company based in Greenfield, Ind.

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