GSK to issue $6B dollar bonds

GlaxoSmithKline (GSK) plans to raise approximately $6 billion by issuing high-grade U.S. bonds, aimed at refinancing a short-term loan of $10.6 billion obtained to finance its acquisition of biotech company Novalent. The bonds will be issued in three tranches with maturities ranging from 3 to 30 years, with expected minimum yields on the longest tranche at 1.1 percentage points above the yield of 30-year U.S. Treasury bonds. This comes amid a boom in the investment-grade bond market in the United States, following a period of calm at the end of summer, and is intended to finance GSK’s $10.6 billion acquisition of Novalent.

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