Anthem, Inc. $2.1 Billion Senior Notes Offering and Remarketing of Subordinated Notes

Davis Polk advised the representatives of the several underwriters in an SEC-registered offering of $2.1 billion in aggregate principal amount of Anthem, Inc.’s senior notes, consisting of $1.25 billion in aggregate principal amount of 4.101% senior notes due 2028 offered by certain selling security holders and $850 million in aggregate principal amount of 4.550% senior notes due 2048 offered by Anthem.

Davis Polk also advised the remarketing agents on a concurrent remarketing of $1.25 billion in aggregate principal amount of Anthem’s 1.900% subordinated notes due 2028, which were originally issued as part of an offering of corporate units in 2015.

Anthem is one of the largest health benefits companies in the United States. Anthem is an independent licensee of the Blue Cross and Blue Shield Association, an association of independent health benefit plans.

The Davis Polk corporate team included partner Joseph A. Hall and associates Ferrell Maquire Keel and Yoojin L. Kim. Partner Lucy W. Farr and associate Gil Savir provided tax advice. All members of the Davis Polk team are based in the New York office.