Bristol-Myers Squibb Announces the Expiration and Final Results of its Cash Tender Offer

NEW YORK--(BUSINESS WIRE)-- Bristol-Myers Squibb Company (NYSE: BMY) announced today the expiration, as of 11:59 p.m., New York City time, on December 2, 2010, of its previously announced cash tender offer for up to $750 million aggregate principal amount of certain of its outstanding debt securities. According to information provided by Global Bondholder Services Corporation, the depositary for the tender offer, approximately $1.09 billion in aggregate principal amount of notes subject to the tender offer were validly tendered and not validly withdrawn before the expiration of the tender offer, as more fully set forth below.

       
Approximate
Acceptance Principal

Principal

Percentage of
Priority Amount

Amount

Outstanding

Title of Security Level Outstanding Tendered

Amount Tendered

6.125% Notes due

May 1, 2038

1 $ 1,000,000,000 $526,464,000 52.65%
5.875% Notes due

November 15, 2036

2 $ 959,363,000 $448,807,000 46.78%
7.15% Debentures due

June 15, 2023

3 $ 304,150,000 $85,199,000 28.01%
6.80% Debentures due

November 15, 2026

4 $ 331,680,000 $32,918,000 9.92%
 

The $1.09 billion in aggregate principal amount of notes subject to the tender offer that were validly tendered and not validly withdrawn before the expiration of the tender offer exceeds the tender offer cap of $750 million. In addition, the $526 million in aggregate principal amount of the 6.125% Notes that were validly tendered and not validly withdrawn before the expiration of the tender offer exceeds $500 million, the maximum aggregate principal amount of the 6.125% Notes that Bristol-Myers Squibb will purchase in the tender offer.

Based on the amounts of tendered notes and the acceptance priority levels set forth in the table above, Bristol-Myers Squibb has accepted for purchase $500 million in aggregate principal amount of the 6.125% Notes validly tendered and not validly withdrawn and $250 million in aggregate principal amount of the 5.875% Notes validly tendered and not validly withdrawn. Bristol-Myers Squibb has not accepted for purchase any 7.15% Debentures or 6.80% Debentures validly tendered and not validly withdrawn. The 6.125% Notes accepted for purchase have been prorated by a proration factor of approximately 95.00% and the 5.875% Notes accepted for purchase have been prorated by a proration factor of approximately 55.72%, in each case in the manner described in the Offer to Purchase dated November 3, 2010.

Bristol-Myers Squibb expects to make payment for all notes accepted for purchase, including payment of accrued but unpaid interest on the purchased notes, in same-day funds today, December 3, 2010.

Deutsche Bank Securities Inc. and Barclays Capital Inc. served as dealer managers for the tender offer, and Global Bondholder Services Corporation served as depositary and information agent for the tender offer.

Forward Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements relating to goals, plans and projections regarding Bristol-Myers Squibb’s financial position, results of operations, market position, product development and business strategy. These statements may be identified by the fact that they use words such as “anticipate”, “estimates”, “should”, “expect”, “guidance”, “project”, “intend”, “plan”, “believe” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. These factors include, among other things, implementation guidance related to the new U.S. health care reform law, governmental laws and regulations related to Medicare, Medicaid, Medicaid managed care organizations and entities under the Public Health Service 340B program, pharmaceutical rebates and reimbursement, market factors, competitive product development and approvals, pricing controls and pressures (including changes in rules and practices of managed care groups and institutional and governmental purchasers), economic conditions such as interest rate and currency exchange rate fluctuations, judicial decisions, claims and concerns that may arise regarding the safety and efficacy of in-line products and product candidates, changes to wholesaler inventory levels, variability in data provided by third parties, changes in, and interpretation of, governmental regulations and legislation affecting domestic or foreign operations, including tax obligations, changes to business or tax planning strategies, difficulties and delays in product development, manufacturing or sales, patent positions and the ultimate outcome of any litigation matter. These and other risks are detailed in Bristol-Myers Squibb’s filings with the Securities and Exchange Commission. Bristol-Myers Squibb undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

About Bristol-Myers Squibb

Bristol-Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. For more information, please visit www.bms.com or follow us on Twitter at http://twitter.com/bmsnews.



CONTACT:

Bristol-Myers Squibb Company
Media:
Jennifer Fron Mauer, 609-252-6579
[email protected]
or
Investors:
John Elicker, 609-252-4611
[email protected]

KEYWORDS:   United States  North America  New York

INDUSTRY KEYWORDS:   Health  Pharmaceutical

MEDIA:

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