Abbott says AbbVie places $14.7B in debt
ASSOCIATED PRESS November 6, 2012 4:54PM
Updated: December 8, 2012 6:35AM
Abbott Laboratories Inc. said Tuesday its branded drug business priced a $14.7 billion private placement of debt.
The company said AbbVie sold $3.5 billion in senior notes due in 2015; $4 billion due in 2017; $1 billion due in 2018; $3.1 billion due in 2022; $2.6 billion due in 2042; and $500 million in floating rate senior notes due in 2015. The placement is expected to close Thursday.
By the end of 2012, AbbVie will become a separate publicly traded company focusing on branded pharmaceuticals like its anti-inflammatory drug Humira. Abbott Laboratories will have a more predictable business built around nutritional formula, generic drugs and heart stents.
Shares of Abbott rose 10 cents to $65.14 in afternoon trading.