AstraZeneca is issuing more bonds to pay off its MedImmune debts. This time, it's an 18-month European issue to the tune of about $790 million; the bonds will be sold to institutions outside the U.S. and trade on the London exchange. The proceeds will cancel U.S. commercial paper the drugmaker took on to finance its buyout of the big biotech firm.
You'll recall that last fall AstraZeneca loosed a whopping $6.9 billion in bonds on the market, also to be used to pay off the MedImmune deal. The bond issue was a big success for the drugmaker, oversubscribed in all tranches.
- see the story at iStock Analyst