Amgen Inc. plans to finance its acquisition of Horizon Therapeutics in the corporate bond market, underscoring how the Federal Reserve's inflation fight...
Biotechnology giant Amgen Inc. began talks with investors on Tuesday about a potential jumbo bond deal to help finance its roughly $28 billion acquisition of Dublin-based Horizon Therapeutics, according to the company, investors, analysts and deal documents.
Amgen AMGN and Horizon HZNP announced plans for the mash up in December, with Amgen receiving a $28.5 billion bridge credit facility from Citibank and Bank of America to help aid the transaction. Shares of Amgen were fractionally lower Tuesday, while those of Horizon were 0.1% higher, according to FactSet.
The yield on the ICE BofA US Corporate Index was last pegged near 5.3% , down from a roughly 6% peak in October, but still around levels last seen in the wake of the 2007-2008 global financial crisis. “It feels like a pretty good environment versus the fourth-quarter of last year,” said Tom Murphy, head of investment-grade credit at Columbia Threadneedle, by phone. “There is more confidence that you could sidestep a deep and long recession.”
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