Shearman & Sterling advised CVS Health Corporation (CVS Health) on its $2 billion bond offering and related cash tender offers for six series of its outstanding notes. Barclays Capital Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC acted as joint book-running managers on the bond offering. Barclays Capital Inc., BofA Securities, Inc. and Goldman Sachs & Co. LLC acted as dealer managers for the tender offers.
CVS Health’s $2 billion bond offering consisted of $750 million of its 1.3% senior notes due 2027 and $1.25 billion of its 1.875% senior notes due 2031. The 2027 notes are consolidated and form a single series with $1.5 billion of 1.3% Senior Notes due 2027 that CVS Health issued on August 21, 2020. Proceeds from the notes offering were used to repurchase notes tendered in the related cash tender offers for six series of its outstanding notes.