By Susanna Moon
Chicago, June 10 – Amgen Inc. said it expects to issue $1,415,455,000 principal amount of 4.563% senior notes due 2048 and $3,541,438,000 of 4.663% senior notes due 2051.
As announced May 13, Amgen was offering to exchange seven series of notes for new senior notes due 2048 and 2051, and the seven separate offers were divided into two parts: any and all of three series of notes and up to a maximum amount of four other issues.
The exchange ended at midnight ET on June 9.
In the any-and-all offers, the company was offering new 2048 notes in exchange for the three note series and investors had tendered the following amounts:
• $347.59 million of the $900 million 6.375% senior notes due 2037 with a total exchange price of $1,274.54;
• $209,384,000 of the $500 million 6.9% senior notes due 2038 with a total exchange price of $1,356.12; and
• $533.68 million of the $1 billion 6.4% senior notes due 2039 with a total exchange price of $1,291.02.
In the maximum offers, the company was offering to issue up to $7.1 billion of new notes due 2051 less the amount of 2048 notes issued for the four note series, listed in order of priority acceptance level, with the amount of tendered notes as follows:
• $287.88 million of the $700 million 5.75% senior notes due 2040 with a total exchange price of $1,203.78;
• $762.98 million of the $1.25 billion 5.65% senior notes due 2042 with a total exchange price of $1,196.86;
• $738,923,000 of the $1 billion 5.375% senior notes due 2043 with a total exchange price of $1,157.75; and
• $1,275,955,000 of the $2.25 billion 5.15% senior notes due 2041 with a total exchange price of $1,118.81.
The company accepted all of the tendered notes, according to a company notice.
The total exchange amount includes an early premium of $30.00 for each $1,000 principal amount of notes tendered for exchange by 5 p.m. ET on May 25, the early participation date.
The company also will pay accrued interest to but excluding the settlement date, which is expected to be June 14.
Pricing was set at 2 p.m. ET on May 25 using the 2.5% U.S. Treasury note due Feb. 15, 2046 as a reference security and a fixed spread of 170 basis points for the exchange offers, 190 bps for the new 2048 notes and 200 bps for the new 2051 notes.
As of the early participation date, holders had tendered $344.59 million of 6.375% notes, $209,194,000 of 6.9% notes, $532,757,000 of 6.4% notes, $287,876,000 of 5.75% notes, $762.97 million of 5.65% notes, $737,598,000 of 5.375% notes and $1,268,805,000 of 5.15% notes.
The exchange was being offered only to holders who are qualified institutional buyers under Rule 144A or those who are non-U.S. persons under Regulation S.
D.F. King & Co., Inc. (877 478-5043 or at 212 269-5550) is the information agent.
Amgen is a Thousand Oaks, Calif., manufacturer and marketer of human therapeutics based upon advances in cellular and molecular biology.
Exchange notes
| Issuer: | Amgen Inc.
|
| Issue: | Senior notes
|
| Settlement date: | June 14
|
|
|
| 2048 notes
|
| Amount: | $1,415,455,000
|
| Maturity: | 2048
|
| Coupon: | 4.563%
|
|
|
| 2051 notes
|
| Amount: | $3,541,438,000
|
| Maturity: | 2051
|
| Coupon: | 4.663%
|
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