Cigna $4.3 billion senior notes offering
Davis Polk advised the representatives of the several underwriters in connection with the SEC-registered offering of $500 million aggregate principal amount of 0.613% senior notes due 2024, $800 million aggregate principal amount of 1.250% senior notes due 2026, $1.5 billion aggregate principal amount of 2.375% senior notes due 2031 and $1.5 billion aggregate principal amount of 3.400% senior notes due 2051 by Cigna Corporation.
Cigna intends to use the net proceeds from the offering, together with cash on hand and/or borrowings under its commercial paper facility, to redeem approximately $3.5 billion of senior notes, which constitutes all outstanding principal amounts under its 3.400% senior notes due 2021, 4.00% senior notes due 2022 and 3.900% senior notes due 2022, Cigna Holding Company’s 4.000% senior notes due 2022 and Express Scripts Holding Company’s 3.900% senior notes due 2022 and a portion of its 3.750% senior notes due 2023 and to pay redemption premiums, accrued and unpaid interest and related expenses. Cigna intends to use the remaining proceeds, if any, for general corporate purposes.
Based in Bloomfield, Connecticut, Cigna and its subsidiaries constitute a global health service organization. Cigna offers a differentiated set of pharmacy, medical, behavioral, dental, disability, life and accident insurance and related products and services.
The Davis Polk corporate team included partner Richard D. Truesdell Jr. and associates Clare Conroy and Prince Kudolo. The tax team included partner Patrick E. Sigmon. All members of the Davis Polk team are based in the New York office.