New Issue: Eli Lilly sells $1.5 billion of variable-rate floaters

By Ronda Fears

Nashville, Aug. 4 - Eli Lilly & Co. sold $1.5 billion of variable floating-rate notes at par to yield one-month Libor minus 3 basis points in year one, Libor minus 1 basis point in year two and Libor plus 3 basis points in years four and five. The notes initially mature in 2006 and are extendable to 2010.

Merrill Lynch, Goldman Sachs and Deutsche Bank Securities were joint bookrunners of the Rule 144A deal.

Issuer:	Eli Lilly & Co.
Issue:	Variable floating-rate notes
Bookrunners:	Merrill Lynch, Goldman Sachs and Deutsche Bank Securities
Amount:	$1.5 billion
Maturity:	Sept. 1, 2006, extendable to Sept. 1, 2010
Price:	Par
Yield:	One-month Libor minus 3 basis points in year one, Libor minus 1 bp in year two and Libor plus 3 bps in years four and five
Call:	Non-callable
Price talk:	One-month Libor minus 3 bps in year one, Libor minus 1 bp in year two and Libor plus 3 bps in years four and five
Ratings:	Moody's: Aa3
	S&P: AA
Pricing date:	Aug. 4
Settlement date:	Aug. 9
Distribution:	Rule 144A, with registration rights
NOTE: It was incorrectly reported in the Aug. 3 edition of Prospect News Biotech Daily that the notes would yield Libor minus 300 basis points in year one, Libor minus 100 bps in year two and Libor plus 100 bps in year three.

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