Summary
Bristol-Myers Squibb Company (BMY) filed an 8-K on November 7, 2019, to announce the extension of the expiration date for its previously launched exchange offers and consent solicitations related to Celgene Corporation notes. This move is directly tied to the pending acquisition of Celgene, which remains on track for an expected close by the end of 2019. The extension pushes the expiration of these offers from November 8, 2019, to November 13, 2019, indicating ongoing efforts to finalize the significant merger. Investors should note that the exchange offers and consent solicitations are crucial components of the Celgene acquisition financing. They involve exchanging existing Celgene notes for new BMY notes and cash, and also seek consent to amend the terms of the Celgene debt. The successful completion of these offers is contingent upon the closing of the merger, highlighting the interconnectedness of these financial maneuvers with the overall acquisition strategy.
Key Highlights
- 1BMY has extended the expiration date for its exchange offers and consent solicitations concerning Celgene notes to November 13, 2019.
- 2These offers are directly linked to Bristol-Myers Squibb's pending acquisition of Celgene.
- 3The acquisition of Celgene is still expected to close by the end of 2019.
- 4The exchange offers involve swapping Celgene notes for new BMY notes and cash.
- 5The consent solicitations aim to amend restrictive covenants and other provisions in the Celgene debt indentures.
- 6The settlement of these offers is expected to occur promptly after the expiration date and on or about the closing date of the Celgene merger.
- 7Supplemental indentures to effect the amendments have been executed but will only become operative upon settlement.