Gilead Sciences Preps $1 Billion Bond Issue
March 23 2011 - 10:05AM
Dow Jones News
Gilead Sciences Inc. is in the market to sell $1 billion of
senior unsecured bonds Wednesday.
Bank of America Merrill Lynch, J.P. Morgan Chase & Co. and
Morgan Stanley are leading the sale.
Proceeds will be used for general corporate purposes such as
paying down existing debt and buying back stock, the company said
in a regulatory filing.
The notes mature in 10 years and are expected to be rated Baa1
by Moody's Investors Service and A- by Standard & Poor's.
The offering features a change of control put option allowing
noteholders to sell their securities back to the issuer at 101% of
face value in the event of a merger.
-By Katy Burne, Dow Jones Newswires; 212-416-3084;
katy.burne@dowjones.com
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