We advised Novartis on the investment-grade debt offering

Davis Polk advised Novartis AG and Novartis Capital Corporation in connection with an SEC-registered debt offering of $800 million of floating-rate notes due 2028, $700 million of 3.900% notes due 2028, $1.75 billion of 4.100% notes due 2030, $925 million of 4.300% notes due 2032, $925 million of 4.600% notes due 2035, $350 million of 5.200% notes due 2045 and $550 million of 5.300% notes due 2055. The notes were issued by Novartis Capital Corporation and are guaranteed by Novartis AG.

The Davis Polk corporate team included partner Yasin Keshvargar and associate Nicole Groysman. The tax team included partner Kara L. Mungovan and associate Hunter P. Shaw. Counsel Sarah E. Kim and associates Caleb Beavers and Gianmarco Dedós Capote provided ’40 Act advice. All members of the Davis Polk team are based in the New York office.

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