CVS Health Corporation has announced the pricing of the "any and all tender offer" for its 4.100% senior notes due 2025. The total consideration for each $1,000 principal amount of the notes is $998.22. The reference yield for the notes is 4.434%, and the fixed spread is +25 basis points.
The settlement date for the notes validly tendered at or prior to the expiration date is expected to be December 11, 2024. In addition to the total consideration, holders of the notes accepted for purchase will receive accrued and unpaid interest from the last interest payment date to the settlement date.
Holders who tendered their notes at or prior to the withdrawal deadline may withdraw them at any time before the deadline. Following the withdrawal deadline, holders may not withdraw their notes unless required by applicable law.
The tender offer is not conditioned on any minimum principal amount of notes being tendered, but it is subject to a financing condition and certain other general conditions.
CVS Health has retained Barclays Capital Inc. and Mizuho Securities USA LLC as dealer managers for the tender offers, and D.F. King & Co., Inc. as the tender and information agent.
This press release does not constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, the notes. The tender offers are being made solely pursuant to the offer to purchase made available to holders of the notes.
CVS Health is a leading health solutions company with more than 9,000 retail locations, over 900 walk-in medical clinics, and more than 225 primary care medical clinics. As of September 30, 2024, the company had approximately 90 million plan members through its pharmacy benefits manager and served over 36 million people through health insurance products and related services. As a result of these announcements, the company's shares have moved -2.8% on the market, and are now trading at a price of $55.29. Check out the company's full 8-K submission here.
