Lilly Announces the Pricing Terms of Its Cash offer for Up to $1.5 Billion Combined Aggregate Principal Amount of Its Outstanding Debt Securities

Eli Lilly and Company (NYSE: LLY) announced today the pricing terms of its previously announced cash tender offer for specified series of its outstanding debt securities.

Holders of notes subject to the tender offer who validly tendered, and did not validly withdraw, their notes on or before 5:00 p.m., New York City time, on September 20, 2021 (the early tender date), and whose notes are accepted for purchase by Lilly, are eligible to receive the applicable total consideration. The total consideration for each $1,000 principal amount of notes tendered and accepted for payment in the tender offer is based on the applicable reference yield plus a fixed spread, in each case as set forth in the table below, and is payable to holders of the notes listed in the table below who validly tendered and did not validly withdraw their notes on or before the early tender date and whose notes are accepted for purchase by Lilly. The reference yields listed in the table were calculated at 10:00 a.m., New York City time, on September 21, 2021. The applicable total consideration for each series of notes includes an early tender premium of $30 per $1,000 principal amount of notes validly tendered and not validly withdrawn and accepted for purchase by Lilly.

Title of SecurityCUSIP No.Acceptance
Reference U.S. Treasury
4.150% Notes due 2059532457 BU11(3)2.375% due May 15, 20511.865%80 bps$1,347.88
3.950% Notes due 2049532457 BT42(4)2.375% due May 15, 20511.865%70 bps$1,268.49
7.125% Notes due 2025532457 AM030.750% due August 31, 20260.820%15 bps$1,222.65
6.770% Notes due 2036532457 AP341.250% due August 15, 20311.321%105 bps$1,530.04
5.950% Notes due 2037532457 BC151.750% due August 15, 20411.816%55 bps$1,478.64
5.550% Notes due 2037532457 BA561.750% due August 15, 20411.816%50 bps$1,418.71
5.500% Notes due 2027532457 AZ170.750% due August 31, 2026 0.820%40 bps$1,226.23
4.650% Notes due 2044532457 BG281.750% due August 15, 20411.816%75 bps$1,351.36
3.950% Notes due 2047532457 BR892.375% due May 15, 20511.865%70 bps$1,255.48
3.875% Notes due 2039532457 BS6101.750% due August 15, 20411.816%45 bps$1,225.74
3.700% Notes due 2045532457 BJ6112.375% due May 15, 20511.865%65 bps$1,205.60
3.375% Notes due 2029532457 BV9121.250% due August 15, 20311.321%15 bps$1,130.16
3.100% Notes due 2027532457 BP2130.750% due August 31, 20260.820%35 bps$1,100.66
2.750% Notes due 2025532457 BH0140.750% due August 31, 20260.820%0 bps$1,065.36
2.350% Notes due 2022532457 BQ0151.750% due May 15, 20220.070%10 bps$1,014.09
(1) Per $1,000 principal amount of notes that are tendered and accepted for purchase.
(2) The applicable total consideration includes an early tender premium of $30 per $1,000 principal amount of notes that are tendered and accepted for purchase.
(3) Lilly has removed the previously announced note cap setting forth the maximum principal amount of 4.150% Notes due 2059 that Lilly will accept for purchase pursuant to the tender offer.
(4) Lilly has removed the previously announced note cap setting forth the maximum principal amount of 3.950% Notes due 2049 that Lilly will accept for purchase pursuant to the tender offer.

All payments for notes accepted for purchase in reference to the first tender date also will include accrued and unpaid interest on the principal amount of such notes to, but excluding, the initial settlement date, which is currently expected to be September 22, 2021.

Holders of notes subject to the offer who validly tender and don’t validly withdraw their notes after the first tender date will, if such notes are accepted by Lilly, receive the applicable tender consideration, which is adequate to the entire consideration minus $30 per $1,000 principal amount of notes tendered by such holders and accepted for purchase by Lilly. Accrued and unpaid interest from the last interest payment date for the applicable series of notes to, but excluding, the applicable settlement date are going to be paid in take advantage respect of all validly tendered notes accepted for purchase by Lilly within the offer .

In accordance with the terms of the offer , the withdrawal date was 5:00 p.m., ny City time, on September 20, 2021. As a result, tendered notes may not be withdrawn, except in certain limited circumstances where additional withdrawal rights are required by law.

The offer is being conducted on the terms and subject to the conditions set forth within the Offer to get , dated September 7, 2021 and therefore the related Letter of Transmittal, each as supplemented by the handout , dated September 21, 2021, that removed the note caps for the three .950% Notes due 2049 and therefore the 4.150% Notes due 2059.

Lilly has retained BofA Securities, Inc. and Citigroup Global Markets Inc. to function lead dealer managers for the offer , and Barclays Capital, Inc., BNP Paribas Securities Corp. and Deutsche Bank Securities Inc. to function co-dealer managers. Lilly has retained Global Bondholder Services Corporation to function tender agent and knowledge agent for the offer .

About Eli Lilly and Company

Lilly may be a global healthcare leader that unites caring with discovery to make medicines that make life better for people round the world. We were founded quite a century ago by a person committed to making high-quality medicines that meet real needs, and today we remain faithful that mission altogether our work. Across the world , Lilly employees work to get and convey life-changing medicines to those that need them, improve the understanding and management of disease, and provides back to communities through philanthropy and volunteerism. F-LLY

Source link: