Kirkland Advises Bristol Myers Squibb on its $13 Billion Bond Offering
Kirkland & Ellis advised global pharmaceutical company Bristol Myers Squibb on a nine-tranche, $13 billion registered bond offering consisting of (i) $500 million aggregate principal amount of floating rate notes due 2026, (ii) $1 billion aggregate principal amount of 4.950% notes due 2026, (iii) $1 billion aggregate principal amount of 4.90% notes due 2027, (iv) $1.75 billion aggregate principal amount of 4.900% notes due 2029, (v) $1.25 billion aggregate principal amount of 5.100% notes due 2031, (vi) $2.5 billion aggregate principal amount of 5.200% notes due 2034, (vii) $500 million aggregate principal amount of 5.500% notes due 2044, (viii) $2.75 billion aggregate principal amount of 5.550% notes due 2054 and (ix) $1.75 billion aggregate principal amount of 5.650% notes due 2064. The offering closed today, February 22, 2024, and so far is the second largest investment grade offering in 2024. Citigroup Global Markets Inc., BofA Securities, Inc., Wells Fargo Securities, LLC, and Mizuho Securities USA LLC acted as joint lead managers and joint book-running managers for the offering.
Read Bristol Myers Squibb’s press release
The Kirkland team was led by capital markets partners Asher Qazi and Sophia Hudson and associates Lia-Michelle Keane, Katrina Gonzales, Alejandro García and Jihao Ding; and also included tax partners Sara Zablotney and Vivek Ratnam and associate Brandon Ho; and investment funds regulatory partner Phil Giglio.
