Gilead Sciences Inc. (GILD) said it has closed its sale of $1.1 billion of 1.00% convertible senior notes due 2014 and $1.1 billion of 1.625% convertible senior notes due 2016.
The net proceeds from this offering were about $2.166 billion, after deducting estimated discounts, commissions and expenses.
Gilead granted the underwriters a 13-day option to purchase up to $150 million of additional 2014 notes and up to $150 million of additional 2016 notes. No portion of the option has been exercised to date.
The company said it has already used about $248 million of the net proceeds from the offering to repurchase shares of its common stock and expects to use at least another $752 million of the net proceeds from the offering to repurchase shares of its common stock, in each case pursuant to its previously announced $5 billion stock repurchase program.
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