Bond.az - Merck & Co. is raising $6 billion through an investment-grade bond sale to refinance debt used to acquire Terns Pharmaceuticals Inc. earlier this month.
The pharmaceutical company is selling the notes in seven parts. The longest portion, a 30-year security, is set to yield 0.73 percentage point above Treasuries.
Merck last accessed the bond market in December, raising $8 billion to finance another acquisition.
Proceeds from the note sale are intended to repay borrowings under a 364-day credit facility used to fund the $6.7 billion acquisition of Terns.
Bank of America, Citigroup, Goldman Sachs and JPMorgan are managing the bond sale.
