Gilead Sciences $7.25 billion senior notes offering
Davis Polk advised Gilead Sciences, Inc. in connection with an SEC-registered offering of $7.25 billion aggregate principal amount of senior notes, consisting of (i) $500 million aggregate principal amount of senior floating-rate notes due 2021, (ii) $500 million aggregate principal amount of senior floating-rate notes due 2023, (iii) $2 billion aggregate principal amount of 0.750% senior notes due 2023, (iv) $750 million aggregate principal amount of 1.200% senior notes due 2027, (v) $1 billion aggregate principal amount of 1.650% senior notes due 2030, (vi) $1 billion aggregate principal amount of 2.600% senior notes due 2040 and (vii) $1.5 billion aggregate principal amount of 2.800% senior notes due 2050. Gilead intends to use the net proceeds from the offering to (i) finance a portion of the cash consideration payable in connection with its acquisition of Immunomedics, Inc. and to pay related fees and expenses and (ii) repay its senior notes maturing in 2021.
Gilead is a research-based biopharmaceutical company that discovers, develops and commercializes innovative medicines in areas of unmet medical need. The company strives to transform and simplify care for people with life-threatening illnesses around the world. Gilead has operations in more than 35 countries worldwide, with headquarters in Foster City, California.
The Davis Polk capital markets team included partners Richard D. Truesdell Jr. and Roshni Banker Cariello and associates Arisa Akashi and Paulina Gordon. Partner Michael Mollerus and associate Alexander J. Hendin provided tax advice. Partner David R. Bauer and associates Tilak Koilvaram and Brette L. Trost provided intellectual property advice. Associate J. Taylor Arabian provided 1940 Act advice. All members of the Davis Polk team are based in the New York office.