Summary
Bristol-Myers Squibb Company (BMY) announced an extension of the expiration date for its exchange offers and consent solicitations related to Celgene Corporation notes. This move, originally part of the planned acquisition of Celgene, pushes the deadline for exchanging Celgene notes for new BMY notes and cash to November 15, 2019, from November 13, 2019. The extension allows more time for these transactions, which are contingent upon the successful closing of the Celgene acquisition.
Key Highlights
- 1BMY has extended the expiration date for its exchange offers and consent solicitations for Celgene notes to November 15, 2019.
- 2These offers are directly linked to Bristol-Myers Squibb's pending acquisition of Celgene Corporation.
- 3The exchange offers involve trading existing Celgene notes for new notes issued by BMY, along with a cash component.
- 4The consent solicitations aim to amend the indentures governing Celgene notes, specifically to eliminate restrictive covenants and certain default provisions.
- 5The entire process, including the exchange offers and consent solicitations, is conditioned upon the closing of the Celgene merger, which is anticipated by the end of 2019.
- 6Supplemental indentures for the Celgene notes have been executed, but will only become effective upon the settlement of the exchange offers.
- 7BMY will provide further notice if the expiration date needs additional extensions.
Frequently Asked Questions
This filing announces an extension to the expiration date of Bristol-Myers Squibb's (BMY) exchange offers and consent solicitations for Celgene Corporation (Celgene) notes. These actions are part of BMY's ongoing acquisition of Celgene.
The expiration date for the exchange offers and consent solicitations has been extended to provide more time for these processes, which are contingent on the closing of the merger between Bristol-Myers Squibb and Celgene. The closing of the merger is expected by the end of 2019, and the settlement of these offers is expected to occur promptly after the closing.
The Exchange Offers allow holders of Celgene notes to exchange them for new notes issued by Bristol-Myers Squibb and a cash payment. The Consent Solicitations seek consent from noteholders to amend the agreements (indentures) governing the Celgene notes, primarily to remove restrictive covenants and certain default provisions.
These offers and solicitations are integral to the planned acquisition of Celgene by Bristol-Myers Squibb. They are conditional upon the successful completion of the merger, and the settlement of the exchange offers is expected to happen around the same time as the merger closes.