CVS Health markets new notes due 2026, add-on to 1.3% notes due 2027

By Cristal Cody

Tupelo, Miss., Dec. 7 – CVS Health Corp. is offering new and reopened senior notes (Baa2/BBB) in two tranches on Monday as the company launched tender offers for certain outstanding notes, according to a market source.

A new tranche of five-year notes is talked to price with a spread in the Treasuries plus 120 basis points area.

The company is offering a tap of its 1.3% notes due Aug. 21, 2027 with initial guidance at the 85 bps to 90 bps over Treasuries area.

CVS first sold $1.5 billion of the 1.3% notes on Aug. 12 at 99.72 to yield 1.342%, or a spread of Treasuries plus 85 bps.

Barclays, J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC are the bookrunners.

CVS is a Woonsocket, R.I.-based retail pharmacy operator and pharmacy benefits manager.

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