What is the total amount of debt Amgen raised in this offering?

Amgen raised a total of €550 million in 4.375% Senior Notes due 2018 and £475 million in 5.50% Senior Notes due 2026.

Where were these new notes offered?

The notes were offered and sold exclusively outside the United States, in reliance on Regulation S under the Securities Act of 1933.

What is the seniority of these new notes?

These notes are senior unsecured notes, ranking equally with other existing and future senior unsecured indebtedness of Amgen. However, they are effectively subordinated to all obligations of Amgen's subsidiaries and subordinated to Amgen's secured obligations to the extent of the securing assets.

What happens in the event of a change of control?

In the event of a change in control triggering event, as defined in the Officers' Certificate, holders of these notes have the right to require Amgen to purchase all or a portion of their notes at a price of 101% of the principal amount, plus any accrued and unpaid interest.

AMGN 8-K: Material Agreements

Summary

Amgen Inc. (AMGN) filed an 8-K on December 5, 2011, to report the issuance of new senior notes. The company successfully issued €550 million of 4.375% Senior Notes due 2018 and £475 million of 5.50% Senior Notes due 2026. These notes were sold to investors outside the United States under Regulation S and are not registered under the Securities Act. The net proceeds from this offering are expected to provide Amgen with additional capital. The specific use of these funds is not detailed in this filing, but such debt issuance typically supports general corporate purposes, potential acquisitions, or refinancing of existing debt. Investors should note the terms regarding change in control, where noteholders may require Amgen to repurchase the notes at 101% of the principal amount plus accrued interest.

Key Highlights

1Amgen issued €550 million of 4.375% Senior Notes due 2018.
2Amgen issued £475 million of 5.50% Senior Notes due 2026.
3The notes were sold exclusively outside the United States under Regulation S.
4The notes are unsecured and rank equally with other senior unsecured indebtedness.
5The notes are effectively subordinated to subsidiary obligations.
6A change in control triggering event allows noteholders to demand repurchase at 101% of principal plus accrued interest.

AMGEN INC 8-K Report, Material Agreement (Dec 5, 2011)

Summary

Key Highlights

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