Amgen looks to raise $24 billion on Wednesday, ranking in the top 10 in terms of largest U.S. corporate bond deals ever, according to Informa Global Markets.
Amgen Inc. plans to borrow $24 billion in the U.S. corporate bond market on Wednesday to help fund its acquisition of Dublin-based Horizon Therapeutics, according to Informa Global Markets.
Amgen AMGN and Horizon Therapeutics HZNP announced plans for the mashup in December, with Amgen receiving a $28.5 billion bridge credit facility from Citibank and Bank of America to help aid the transaction.With an initial target size around $20 billion, investor demand for the bonds reached about $90 billion, according to Informa. At $24 billion, it ranks in the Top 10 in terms of largest deals ever financed in the U.S. investment-grade corporate bond market, according to Informa data.
High demand for Agmen’s bonds signals a bullish tone on Wall Street, which allowed bankers to narrow the financing costs for the borrower, while also cutting back compensation due to investors.
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