AstraZeneca Prices EUR800 Million Bond Offering

By Anthony O. Goriainoff

AstraZeneca PLC said Thursday that it has priced 800 million euros ($975.6 million) of fixed-rate notes with a coupon of 0.375%. The funds will be used toward the acquisition of Alexion Pharmaceuticals, Inc.

The pharmaceutical company said it will use the net proceeds of the offering to fund a portion of the acquisition, to pay or refinance a portion of Alexion's indebtedness, and to pay related fees and expenses or for general corporate purposes.

The notes--which mature on June 3, 2029--will be subject to a special mandatory redemption if the acquisition of Alexion isn't consummated on or before March 12, the company said.

Prior to that date, the company might also notify the trustee that it won't pursue the acquisition.

AstraZeneca said in December that it had agreed to buy Boston-based Alexion Pharmaceuticals for $39 billion in cash and stock.

"The notes will be issued under the $10 billion [euro medium-term note] program of AstraZeneca and AstraZeneca Finance LLC, which AstraZeneca filed with the U.K. Financial Conduct Authority on May 24, 2021, and admitted to listing on the U.K. Financial Conduct Authority's Official List and to trading on the London Stock Exchange's main market," the company said.

Write to Anthony O. Goriainoff at [e-mail]

(END) Dow Jones Newswires

May 27, 2021 02:38 ET (06:38 GMT)

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