Bristol-Myers Squibb Company has announced the commencement of cash tender offers to purchase certain of its outstanding notes, with a total aggregate purchase price of up to $4 billion. The tender offers apply to specific series of notes listed in priority order, including 4.950% Notes due 2026. The company will use proceeds from a new debt offering by its wholly-owned subsidiary, together with approximately $3 billion in cash on hand, to fund the purchase of notes accepted in the tender. The offers are not conditioned on any minimum amount of notes being tendered and are subject to certain conditions, including the successful completion of the new notes offering. Holders who tender their notes by the early deadline are eligible for an early tender premium.
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