New Issue: Amgen sells $5 billion notes in four parts due 2028, 2032, 2041, 2052

By Devika Patel

Knoxville, Tenn., Aug. 6 – Amgen Inc. priced a $5 billion four-part offering of notes (Baa1/A-/BBB+) on Thursday, according an FWP filing with the Securities and Exchange Commission.

The issuer sold $1.25 billion of 1.65% notes due Aug. 15, 2028 at 99.908 to yield 1.664%, or a spread over Treasuries of 65 basis points; talk was in the Treasuries plus 85 bps to 90 bps area.

Amgen also sold $1.25 billion of 2% notes due Jan. 15, 2032 at 99.328 to yield 2.072%. The notes priced with a spread of 85 bps over Treasuries; initial price talk had the notes coming in the Treasuries plus 100 bps to 105 bps area.

Additionally, the company sold $1.15 billion of 2.8% notes due Aug. 15, 2041 at 99.695 to yield 2.82%, or at a spread of Treasuries plus 105 bps. Initial price talk had the notes expected in the Treasuries plus 120 bps to 125 bps area.

There were also $1.35 billion of 3% notes due Jan. 15, 2052 at 99.388 to yield 3.031%, or at a spread of Treasuries plus 115 bps. Initial price talk for the notes was in the Treasuries plus 130 bps to 130 bps area.

Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Barclays and Goldman Sachs & Co. LLC are the joint bookrunners.

Proceeds will be used to repay debt maturities due in 2022 and for general corporate purposes.

The biopharmaceutical company is based in Thousand Oaks, Calif.

Issuer:	Amgen Inc.
Issue:	Notes
Amount:	$5 billion
Bookrunners:	Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Barclays and Goldman Sachs & Co. LLC, Goldman Sachs & Co. LLC, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and MUFG Securities Americas Inc.
Co-managers:	Academy Securities, Inc., BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Mizuho Securities USA LLC, RBC Capital Markets, LLC, R. Seelaus & Co., LLC, Samuel A. Ramirez & Co. Inc., Siebert Williams Shank & Co., LLC, SMBC Nikko Securities America, Inc. and Wells Fargo Securities, LLC
Trade date:	Aug. 5
Settlement date:	Aug. 9
Ratings:	Moody’s: Baa1
	S&P: A-
	Fitch: BBB+
Distribution:	SEC registered
2028 notes
Amount:	$1.25 billion
Maturity:	Aug. 15, 2028
Coupon:	1.65%
Price:	99.908
Yield:	1.664%
Spread:	Treasuries plus 65 bps
Call features:	Make-whole call at Treasuries plus 10 bps; par call beginning June 15, 2028
Price talk:	Treasuries plus 85 bps to 90 bps area
2032 notes
Amount:	$1.25 billion
Maturity:	Jan. 15, 2032
Coupon:	2%
Price:	99.328
Yield:	2.072%
Spread:	Treasuries plus 85 bps
Call features:	Make-whole call at Treasuries plus 15 bps; par call beginning Oct. 15, 2031
Price talk:	Treasuries plus 100 bps to 105 bps area
2041 notes
Amount:	$1.15 billion
Maturity:	Aug. 15, 2041
Coupon:	2.8%
Price:	99.695
Yield:	2.82%
Spread:	Treasuries plus 105 bps
Call features:	Make-whole call at Treasuries plus 20 bps; par call beginning Feb. 15, 2041
Price talk:	Treasuries plus 120 bps to 125 bps area
2052 notes
Amount:	$1.35 billion
Maturity:	Jan. 15, 2052
Coupon:	3%
Price:	99.388
Yield:	3.031%
Spread:	Treasuries plus 115
Call features:	Make-whole call at Treasuries plus 20 bps; par call beginning July 15, 2051
Price talk:	Treasuries plus 130 bps to 130 bps area

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