Shearman And Sterling

News July 21, 2015

Shearman & Sterling Advises CVS Health Corporation on Acquisition Financing

Shearman & Sterling represented CVS Health Corporation in connection with a $15 billion bond offering, which is being used to finance its acquisitions of Omnicare, Inc. and the pharmacy and clinic businesses of Target Corporation. The offering consisted of six tranches: 3-year, 5-year, 7-year, 10-year, 20-year and 30-year Senior Notes.

Shearman & Sterling also advised CVS Health Corporation in connection with the establishment of a $13 billion bridge loan facility, which it had previously entered into as a backstop for the bond offering.

The following Shearman & Sterling team advised CVS Health Corporation on the bond offering: partners Stephen Giove (New York-Capital Markets) and Robert Evans (New York-Capital Markets); associates Christine Kim (New York-Capital Markets), Ali Hassanali (New York-Corporate), Erica Kassman (New York-Corporate), and John Slater (New York-Corporate); and summer associate Ryan Robski (New York-Capital Markets). Other Shearman & Sterling lawyers involved in the bond offering were partner Doreen Lilienfeld (New York-Compensation, Governance & ERISA); counsel Jeff Salinger (New York-Environmental); and associates Mary Jo Lang (Washington, DC-Tax) and Stephanie Monastra (New York-Compensation, Governance & ERISA).

Partner Gus Atiyah (Washington, DC/New York-Finance) and associate Barbara Zylberg (New York-Finance) advised CVS Health Corporation with respect to the bridge loan facility.