Summary by Futu AI
AbbVie Inc., a global biopharmaceutical company, has announced the issuance of $15 billion in senior notes with varying maturities ranging from 2027 to 2064. The offering includes $2.25 billion of 4.800% senior notes due 2027, $2.5 billion of 4.800% senior notes due 2029, $2 billion of 4.950% senior notes due 2031, $3 billion of 5.050% senior notes due 2034, $750 million of 5.350% senior notes due 2044, $3 billion of 5.400% senior notes due 2054, and $1.5 billion of 5.500% senior notes due 2064. Interest on each series of notes is payable semi-annually, commencing September 15, 2024. The company plans to use the net proceeds from the sale of the notes for various corporate purposes, including repaying loans under the New Term Facility, funding the Cerevel merger consideration, repaying outstanding borrowings under the company's commercial paper program, paying related fees and expenses, and for general corporate purposes. The notes were offered through a group of underwriters led by Morgan Stanley, J.P. Morgan, BofA Securities, and Citigroup, with several other financial institutions participating as joint book-running managers and co-managers. The offering is expected to close on February 26, 2024.