8-KMaterial AgreementsFinancial Events

BRISTOL MYERS SQUIBB CO 8-K Report, Material Agreement (Dec 23, 2004)

Filed December 23, 2004For Securities:BMYCELG-RIBMYMP

Summary

Bristol-Myers Squibb Company (BMY) has entered into a new $2.0 billion Five Year Competitive Advance and Revolving Credit Facility Agreement, effective December 22, 2004. This new facility replaces two prior credit facilities totaling $1.0 billion, which were terminated concurrently. The new agreement provides increased borrowing capacity and extends the company's credit availability. The updated credit facility offers flexibility by allowing borrowings not only by the Registrant and its U.S. subsidiaries but also by its non-U.S. subsidiaries, with all subsidiary borrowings guaranteed by the parent company. The terms and conditions are largely consistent with the company's prior credit arrangements, including standard covenants related to financial ratios, asset sales, and debt incurrence.

Key Highlights

  • 1BMY entered into a new $2.0 billion Five Year Competitive Advance and Revolving Credit Facility.
  • 2The new facility replaces two existing credit facilities totaling $1.0 billion.
  • 3The effective date of the new agreement was December 22, 2004.
  • 4The agreement allows for borrowings by both U.S. and non-U.S. subsidiaries.
  • 5Bristol-Myers Squibb Company guarantees all borrowings by its subsidiaries.
  • 6The new facility offers increased aggregate borrowing capacity compared to the previous facilities.

Frequently Asked Questions

The main purpose of this filing is to announce Bristol-Myers Squibb Company's entry into a new, larger credit facility and the termination of its previous credit agreements.

The company has secured a new $2.0 billion credit facility.

The previous two credit facilities, which had an aggregate total of $1.0 billion, were terminated concurrently with the effectiveness of the new $2.0 billion agreement.

Yes, the new agreement expands the ability for non-U.S. subsidiaries to borrow under the facility, in addition to U.S. subsidiaries. The Registrant (Bristol-Myers Squibb Company) provides guarantees for all subsidiary borrowings.