Drugmaker Merck & Co., Inc. (MRK) said Wednesday that it has priced a $6.5 billion public offering of senior unsecured notes, consisting of $1.0 billion of 0.70% notes due May 2016, $500 million of floating rate notes due May 2016, $1.0 billion of 1.30% notes due May 2018, $1.0 billion of floating rate notes due May 2018, $1.75 billion of 2.80% notes due May 2023 and $1.25 billion of 4.15% notes due May 2043.
The offering is expected to close on May 20.
The company will use the proceeds from the notes to repurchase the company's common stock and use any remaining proceeds for general corporate purposes, including without limitation the repayment of outstanding commercial paper borrowings and upcoming debt maturities.
BNP Paribas Securities Corp., Deutsche Bank Securities Inc., J. P. Morgan Securities LLC and Morgan Stanley & Co. LLC are acting as active joint book-running managers for the offering.
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