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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Merck and Co Inc | NYSE:MRK | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.76 | -0.57% | 132.16 | 133.43 | 132.15 | 132.68 | 3,833,180 | 20:25:37 |
Issuer: | MSD Netherlands Capital B.V. | |||||||||||||
Guarantor: | Merck & Co., Inc., Rahway, N.J., USA | |||||||||||||
Expected Ratings of the Notes:* | A1 (positive) Moody’s / A+ (stable) S&P | |||||||||||||
Trade Date: | May 16, 2024 | |||||||||||||
Settlement Date:** | May 30, 2024 (T+9) | |||||||||||||
Format: | SEC Registered | |||||||||||||
Joint Book-Running Managers: | Citigroup Global Markets Europe AG, BNP Paribas, Deutsche Bank Aktiengesellschaft | |||||||||||||
Co-Managers: | HSBC Bank plc, Mizuho Securities Europe GmbH, Banco Santander, S.A., Bilbao Vizcaya Argentaria, S.A., DNB Bank ASA, Société Générale, SMBC Bank EU AG, U.S. Bancorp Investments, Inc., Wells Fargo Securities Europe S.A., Drexel Hamilton, LLC, Penserra Securities LLC, R. Seelaus & Co., LLC, Siebert Williams Shank & Co., LLC | |||||||||||||
Title: | 3.250% Notes due 2032 | 3.500% Notes due 2037 | 3.700% Notes due 2044 | 3.750% Notes due 2054 | ||||||||||
Principal Amount: | €850,000,000 | €850,000,000 | €850,000,000 | €850,000,000 | ||||||||||
Maturity Date: | May 30, 2032 | May 30, 2037 | May 30, 2044 | May 30, 2054 | ||||||||||
Interest Payment Dates: | May 30, commencing May 30, 2025 | May 30, commencing May 30, 2025 | May 30, commencing May 30, 2025 | May 30, commencing May 30, 2025 | ||||||||||
Coupon: | 3.250% annual | 3.500% annual | 3.700% annual | 3.750% annual | ||||||||||
Spread to Mid-Swap: | +55 bps | +80 bps | +105 bps | +133 bps | ||||||||||
Mid-Swap Yield: | 2.738% | 2.751% | 2.682% | 2.463% | ||||||||||
Benchmark Security: | DBR 0.000% due February 15, 2032 | DBR 4.000% due January 04, 2037 | DBR 3.250% due July 04, 2042 | DBR 1.800% due August 15, 2053 | ||||||||||
Spread to Benchmark Security: | +88.3 bps | +98.0 bps | +107.4 bps | + 119.6 bps | ||||||||||
Benchmark Security Spot and Yield: | €83.20 / 2.405% | €115.23 / 2.571% | €108.42 / 2.658% | €83.80 / 2.597 | ||||||||||
Yield to Maturity: | 3.288% | 3.551% | 3.732% | 3.793% | ||||||||||
Price to Public: | 99.736% | 99.476% | 99.555% | 99.237% | ||||||||||
Underwriting Discount: | 40 bps | 45 bps | 62.5 bps | 65 bps | ||||||||||
Make-Whole Call: | Prior to the applicable Par Call Date with respect to a series of notes, each such series of notes will be redeemable in whole or in part, at the Issuer’s option at any time or from time to time, at a redemption price equal to the greater of (i) 100% of the principal amount of the notes to be redeemed or (ii) the sum of the present values of the Remaining Scheduled Payments (as defined in the preliminary prospectus supplement) (not including any portion of such payment of interest accrued as of the date of redemption) discounted to the redemption date (assuming the notes matured on the applicable Par Call Date) on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate (as defined in the preliminary prospectus supplement), plus 15 basis points with respect to the 2032 notes, the Comparable Government Bond Rate, plus 15 basis points with respect to the 2037 notes, the Comparable Government Bond Rate, plus 20 basis points with respect to the 2044 notes and the Comparable Government Bond Rate, plus 20 basis points with respect to the 2054 notes, plus, in each case, accrued and unpaid interest on the principal amount being redeemed to, but excluding, the redemption date. |
Par Call: | On or after February 29, 2032 for the 2032 notes, February 28, 2037 for the 2037 notes, November 30, 2043 for the 2044 notes and November 30, 2053 for the 2054 notes (three months prior to the maturity date of the 2032 notes and 2037 notes, and six months prior to the maturity date of the 2044 notes and the 2054 notes, as applicable), the Issuer may redeem in whole or in part the 2032 notes, the 2037 notes, the 2044 notes or the 2054 notes, as applicable, at any time or from time to time, at the Issuer’s option, at a redemption price equal to 100% of the principal amount of the applicable notes being redeemed, plus accrued and unpaid interest on the principal amount being redeemed to, but excluding, the redemption date. | |||||||||||||
Taxation Redemption: | The Issuer may offer to redeem all, but not less than all, of the notes in the event of certain changes in the tax laws of the United States or the Netherlands or any taxing authority in the United States or the Netherlands. This redemption would be at a redemption price equal to 100% of the principal amount, together with accrued and unpaid interest on the notes to, but excluding, the date fixed for redemption. | |||||||||||||
Denominations: | €100,000 x €1,000 | €100,000 x €1,000 | €100,000 x €1,000 | €100,000 x €1,000 | ||||||||||
Expected Listing: | NYSE | NYSE | NYSE | NYSE | ||||||||||
Governing Law: | State of New York | State of New York | State of New York | State of New York | ||||||||||
Day Count Convention: | ACTUAL / ACTUAL (ICMA) | ACTUAL / ACTUAL (ICMA) | ACTUAL / ACTUAL (ICMA) | ACTUAL / ACTUAL (ICMA) | ||||||||||
Common Code: | 282548518 | 282548585 | 282548607 | 282548623 | ||||||||||
ISIN: | XS2825485183 | XS2825485852 | XS2825486074 | XS2825486231 | ||||||||||
CUSIP: | N59340 AA2 | N59340 AB0 | N59340 AC8 | N59340 AD6 | ||||||||||
Target Markets/PRIIPs: | UK MiFIR Product Governance Rules professionals/ECPs-only / No EEA PRIIPs KID or UK PRIIPs KID - Manufacturer target market (UK MiFIR Product Governance Rules) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail investors in the European Economic Area or the United Kingdom. |
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