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McKesson begins tender offer for 3.796% notes due 2024
By Marisa Wong
Los Angeles, June 7 – McKesson Corp. has begun an offer to purchase for cash any and all of its $918.07 million outstanding 3.796% notes due 2024 (Cusip: 581557BE4), according to a press release.
The purchase price will be calculated using the 0.25% U.S. Treasury due March 15, 2024 and a fixed spread of 20 basis points.
In addition, holders will receive accrued interest.
Pricing will be determined at 2 p.m. ET on June 13.
The tender offer will expire at 5 p.m. ET on June 13. Tenders may be withdrawn prior to that deadline.
Settlement is slated for June 16.
Tenders may be made under guaranteed delivery procedures. The deadline for those tenders was not specified in the press release.
The tender offer is conditioned on the company completing an offering of new senior notes, proceeds of which will be used to fund the purchase of 2024 notes under the tender offer as well as to pay all remaining amounts due on the 2024 notes that remain outstanding after the tender offer.
The company said it intends to deposit funds into a trust to cover amounts due on any 2024 notes remaining outstanding after the tender offer and to discharge the indenture governing the notes.
BofA Securities, Inc. (980 387-3907 or 888 292-0070) and Goldman Sachs & Co. LLC (212 902-6351) are acting as the lead dealer managers for the tender offer, with Scotia Capital (USA) Inc. (888 498-1660) as co-dealer manager.
Global Bondholder Services Corp. (https://www.gbsc-usa.com/mckesson/; 212 430-3774 or 855 654‑2014; contact@gbsc-usa.com) is the depositary agent and information agent.
McKesson is an Irving, Tex.-based health care services company.
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