Bristol-Myers Squibb Company (NYSE: BMY) has announced the early participation results, amendment, and early settlement of tender offers for its outstanding notes. As of the early tender deadline of November 17, 2025, the company has seen a significant response to the tender offers.
The maximum aggregate purchase price of the pool 1 notes has been decreased from $4,000,000,000 to an amount sufficient to accept all pool 1 notes that were validly tendered and not validly withdrawn prior to the early tender deadline. Similarly, the maximum aggregate purchase price of the pool 2 notes has been increased to accept all pool 2 notes with an acceptance priority level at 1 through 4, along with up to $250,000,000 in principal amount of Bristol Myers Squibb’s 5.900% notes due 2033.
The early participation results indicate that several notes have been tendered and not validly withdrawn. Notably, the 4.950% notes due 2026 with an outstanding principal amount of $1,000,000,000 had $360,004,000 tendered, while the 3.400% notes due 2029 with an outstanding principal amount of $2,399,977,000 had $972,783,000 tendered.
For the pool 2 notes, the 5.550% notes due 2054 with an outstanding principal amount of $2,750,000,000 had $1,917,650,000 tendered, and the 5.200% notes due 2034 with an outstanding principal amount of $2,500,000,000 had $1,468,075,000 tendered.
With the early tender deadline met or exceeded, Bristol Myers Squibb does not anticipate accepting any additional tenders of pool 1 notes. Additionally, due to the aggregate principal amount of 2033 notes exceeding $250,000,000, the company expects to accept the 2033 notes on a prorated basis.
The early settlement date is set for November 20, 2025, with the offers expiring on December 3, 2025.
Bristol Myers Squibb has engaged Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, and Morgan Stanley & Co. LLC as lead dealer managers for the offers, with Global Bondholder Services Corporation acting as the tender agent and information agent.
The company has also issued a cautionary statement regarding the offers, emphasizing that the announcement is for informational purposes only and not an offer to sell or purchase.
Following the early participation results and amendments to the maximum aggregate purchase prices, Bristol Myers Squibb is set to proceed with the early settlement of the tender offers based on the responses received as of the early tender deadline. Following these announcements, the company's shares moved 0.53%, and are now trading at a price of $47.06. If you want to know more, read the company's complete 8-K report here.
