Shearman And Sterling

News June 02, 2023

CVS Health’s $5 Billion Bond Offering

Shearman & Sterling advised CVS Health Corporation on its $5 billion bond offering. Barclays Capital Inc., BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC acted as joint book-running managers on the offering.

CVS Health’s $5 billion bond offering consisted of $1 billion 5.000% Senior Notes due 2029, $750 million 5.250% Senior Notes due 2031, $1.25 billion 5.300% Senior Notes due 2033, $1.25 billion 5.875% Senior Notes due 2053, and $750 million 6.000% Senior Notes due 2063. The net proceeds from the offering, along with available cash, are being used to repay the $5 billion term loan that was used to partially finance CVS Health’s acquisition of Oak Street Health, Inc. in May 2023.

The Team