Summary
Eli Lilly and Company (LLY) announced on August 20, 2020, the execution of an Underwriting Agreement to issue and sell a significant amount of long-term debt. The company is raising approximately $1.1 billion in net proceeds through the sale of $850 million in 2.500% Notes due 2060 and $250 million in 2.250% Notes due 2050. The issuance of the 2050 Notes will create a fungible series with existing 2.250% notes due 2050, bringing the total outstanding amount for that series to $1.25 billion.
Key Highlights
- 1LLY is raising approximately $1.1 billion in net proceeds through a debt offering.
- 2The debt offering consists of $850 million of 2.500% Notes due 2060.
- 3The debt offering also includes $250 million of 2.250% Notes due 2050, which will be fungible with an existing series.
- 4The total outstanding principal amount for the 2.250% Notes due 2050 will increase to $1.25 billion upon closing.
- 5The offering is expected to close on August 25, 2020.
- 6The company entered into an Underwriting Agreement with several prominent financial institutions.
- 7The notes are registered under a Form S-3 registration statement.