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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Allergan plc | NYSE:AGN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 193.02 | 0 | 01:00:00 |
By Mike Cherney
Actavis PLC sold $21 billion in bonds on Tuesday and lowered the yields on the deal, reflecting strong investor demand for a bond that ranks as the second-largest corporate offering on record.
The bond sale, which will help pay for the pharmaceutical company's $66 billion acquisition of health-care firm Allergan Inc., was announced on Monday and had already received about $90 billion in orders from investors, according to a person tracking the sale.
The Actavis sale is the latest sign of a booming market for new bond issues. Underscoring that point, Exxon Mobil Corp. announced plans to sell $7 billion in new bonds on Tuesday morning.
A 10-year Actavis bond was priced to yield 3.843%, or 1.75 percentage points more than benchmark U.S. Treasurys. That is on the lower end of guidance released earlier Tuesday and lower than the yields suggested on Monday.
Earlier Tuesday, underwriters on the debt indicated the yield on 10-year bonds would be 1.80 percentage points more than Treasurys, give or take 0.05 percentage point. On Monday, a 10-year bond was being shopped to yield roughly 2.00 percentage points.
Lower yields indicate higher prices, and mean the company issuing the debt pays less in interest. Underwriters will typically lower yields if they receive many orders from investors on the bonds.
Analysts expected the Actavis deal to meet with strong demand, given that rates are still relatively low on safe government debt. The company's bond sale spanned 10 tranches, with maturities ranging between 18 months and 30 years.
The largest corporate-bond offering on record was Verizon Communications Inc.'s $49 billion bond sale in September 2013.
Write to Mike Cherney at mike.cherney@wsj.com
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