Shearman And Sterling

News Sep 09, 2019

CVS Health’s $3.5 Billion Bond Offering and Related Cash Tender Offers

Shearman & Sterling advised CVS Health Corporation on its $3.5 billion bond offering and related cash tender offers for nine 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. and Goldman Sachs & Co. LLC acted as dealer managers for the tender offers.

CVS Health’s $3.5 billion bond offering consisted of $1.0 billion of its 2.625 percent senior notes due 2024, $750 million of its 3.000 percent senior notes due 2026 and $1.75 billion of its 3.250 percent senior notes due 2029. Proceeds from the notes offering were used to repurchase notes tendered in the related cash tender offers for nine series of its outstanding notes.

The Team