Bristol Myers Squibb Announces Cash Tender Offers to Purchase Certain Notes
Bristol-Myers Squibb Company (NYSE: BMY) announced the commencement of tender offers to purchase for cash certain of its outstanding notes. The offers are subject to terms and conditions, including the satisfaction of a financing condition and other general conditions. The primary purpose is to acquire the maximum principal amount of notes in designated priority order, ensuring the aggregate purchase price does not exceed specified limits.
The offers are for up to $4 billion of Pool 1 Notes and $3 billion of Pool 2 Notes. Notes accepted and purchased will be canceled, and the offers are not conditioned on any minimum amount of notes being tendered. The offers will expire on December 3, 2025, unless extended or terminated by the offeror.
Holders must tender notes by November 17, 2025, to receive the total consideration, including the early tender premium. After this deadline, holders can still tender notes but will receive the tender consideration. Bristol Myers Squibb plans to use proceeds from a new notes offering and its cash on hand to pay the total consideration and accrued coupon payments.
The offers are subject to acceptance priority procedures, ensuring notes are accepted in a specific order. The offeror may exercise an early settlement right, settling notes on the third business day after the early tender deadline. The final settlement date is expected two business days after the expiration date.
This announcement is for informational purposes only, and not an offer to sell or purchase notes. Forward-looking statements are included, and the company cautions that actual results may differ due to market conditions, interest rates, and other factors.
