CVS Health Corporation Announces Pricing of Any and All Tender Offer
CVS Health has announced pricing details for its cash tender offer for all outstanding 4.100% Senior Notes due 2025. The total consideration is $998.22 per $1,000 principal amount of notes, with a reference yield of 4.434%. The tender offer expires at 5:00 p.m., New York City time, on December 6, 2024.
The settlement date is expected to be December 11, 2024. Holders will receive accrued and unpaid interest in addition to the total consideration. The offer affects $950,087,000 in outstanding notes. Holders can withdraw tendered notes until the withdrawal deadline of 5:00 p.m., December 6, 2024.
The tender offer is not conditioned on minimum participation but is subject to a financing condition and other general conditions.
CVS Health ha annunciato i dettagli relativi ai prezzi per la sua offerta in contante per tutti i 4.100% Senior Notes in scadenza nel 2025. La considerazione totale è di $998,22 per $1.000 di capitale dei titoli, con un rendimento di riferimento del 4,434%. L'offerta scade alle 17:00, ora di New York, del 6 dicembre 2024.
La data di regolamento è prevista per l'11 dicembre 2024. I possessori riceveranno interessi maturati e non pagati oltre alla considerazione totale. L'offerta interessa $950.087.000 di titoli in circolazione. I possessori possono ritirare i titoli offerti fino alla scadenza per il ritiro alle 17:00 del 6 dicembre 2024.
L'offerta non è condizionata a una partecipazione minima, ma è soggetta a una condizione di finanziamento e ad altre condizioni generali.
CVS Health ha anunciado detalles sobre la fijación de precios para su oferta de efectivo por todos los 4.100% Senior Notes que vencen en 2025. La consideración total es de $998.22 por $1,000 de monto principal de los bonos, con un rendimiento de referencia del 4.434%. La oferta de compra vence a las 5:00 p.m., hora de Nueva York, el 6 de diciembre de 2024.
Se espera que la fecha de liquidación sea el 11 de diciembre de 2024. Los tenedores recibirán intereses acumulados y no pagados además de la consideración total. La oferta afecta a $950,087,000 en bonos en circulación. Los tenedores pueden retirar bonos ofrecidos hasta la fecha límite de retiro a las 5:00 p.m. del 6 de diciembre de 2024.
La oferta de compra no está condicionada a una participación mínima, pero está sujeta a una condición de financiación y a otras condiciones generales.
CVS Health는 모든 2025년 만기 4.100% 선순위 채권에 대한 현금 입찰 가격 세부정보를 발표했습니다. 총 보상은 $1,000의 채권 원금 당 $998.22이며, 기준 수익률은 4.434%입니다. 입찰은 2024년 12월 6일 오후 5시(뉴욕 시간)까지 유효합니다.
결제 예정일은 2024년 12월 11일입니다. 보유자는 총 보상 외에 발생한 미지급 이자를 받을 수 있습니다. 이번 제안은 $950,087,000의 미결제 채권에 영향을 미칩니다. 보유자는 2024년 12월 6일 오후 5시까지 입찰한 채권을 철회할 수 있습니다.
이번 입찰은 최소 참여에 조건을 두지 않지만, 자금 조달 조건 및 기타 일반 조건에 따라 다릅니다.
CVS Health a annoncé les détails de la tarification de son offre en espèces pour toutes les obligations senior à 4,100% à échéance en 2025. La considération totale est de $998,22 pour $1.000 de montant principal des obligations, avec un rendement de référence de 4,434%. L'offre prend fin à 17h00, heure de New York, le 6 décembre 2024.
La date de règlement est prévue pour le 11 décembre 2024. Les titulaires recevront des intérêts courus et non payés en plus de la considération totale. L'offre concerne des obligations d'une valeur de $950.087.000 en circulation. Les titulaires peuvent retirer les obligations proposées jusqu'à la date limite de retrait à 17h00 le 6 décembre 2024.
L'offre n'est conditionnée à aucune participation minimale, mais elle est soumise à une condition de financement et à d'autres conditions générales.
CVS Health hat die Preisinformationen für ihr Barangebot für alle 4.100% Senior Notes mit Fälligkeit 2025 bekannt gegeben. Die Gesamtvergütung beträgt $998,22 pro $1.000 Nennbetrag der Anleihen, mit einer Referenzrendite von 4,434%. Das Angebot läuft am 6. Dezember 2024 um 17:00 Uhr Ortszeit New York ab.
Das Abrechnungsdatum wird voraussichtlich der 11. Dezember 2024 sein. Inhaber erhalten neben der Gesamtvergütung auch aufgelaufene und unbezahlte Zinsen. Das Angebot betrifft Anleihen im Wert von $950.087.000. Inhaber können bis zur Rückzugsfrist am 6. Dezember 2024 um 17:00 Uhr angebotene Anleihen zurückziehen.
Das Angebot ist nicht an eine Mindestteilnahme gebunden, unterliegt jedoch einer Finanzierungsbedingung und anderen allgemeinen Bedingungen.
- Offering fair market value ($998.22 per $1,000) for note holders
- Company taking proactive approach to debt management
- Additional debt-related expenses including accrued interest payments
- Subject to financing condition which could affect completion
Insights
This debt tender offer by CVS Health represents a significant financial maneuver to manage their outstanding debt obligations. The company is offering to purchase its
The tender offer's structure, with a guaranteed delivery procedure and specific settlement timelines, indicates a well-organized approach to debt management. This move could help CVS optimize its debt profile and potentially reduce interest expenses, though the impact on the balance sheet will be moderate given the notes' relatively near-term maturity in March 2025.
The timing of this tender offer aligns with current market conditions, where interest rates remain elevated. By retiring these notes slightly ahead of their 2025 maturity, CVS is demonstrating proactive liability management. The modest premium offered above par value reflects current market rates and CVS's credit quality.
The absence of a minimum tender requirement, while maintaining a financing condition, suggests flexibility in execution while ensuring the company maintains control over the process. This approach allows CVS to gauge market response without committing to a specific outcome, providing strategic optionality in their debt management program.
The Reference Yield and Total Consideration for the Any and All Notes are summarized in the tables below:
Any and All Notes:
Title of Notes | CUSIP | Original | Principal Amount | Maturity Date | UST Reference | Bloomberg | Fixed Spread | Reference | Total Consideration(1) |
| 126650CW8 | CVS Health | 3/25/2025 |
| FIT3 | +25 bps | 4.434 % |
(1) | Per | |||||||||||||||||||
The Any and All Tender Offer is being made upon the terms and subject to the conditions set forth in the Offer to Purchase dated December 2, 2024 (as it may be amended or supplemented from time to time, the "Offer to Purchase"), which sets forth a more detailed description of the Any and All Tender Offer. Copies of the Offer to Purchase and the form of notice of guaranteed delivery with respect to the Any and All Notes ("Notice of Guaranteed Delivery") are available at www.dfking.com/cvs. The Any and All Tender Offer is open to all registered holders (individually, a "Holder" and collectively, the "Holders") of the Any and All Notes.
The Total Consideration for each
Any and All Notes validly tendered and not validly withdrawn, or in respect of which a properly completed and duly executed Notice of Guaranteed Delivery is delivered pursuant to the guaranteed delivery procedures described in the Offer to Purchase (the "Guaranteed Delivery Procedures"), at or prior to 5:00 p.m.,
The settlement date for the Any and All Notes validly tendered at or prior to the Any and All Expiration Date, or validly tendered pursuant to the Guaranteed Delivery Procedures, and accepted for purchase is expected to be December 11, 2024, the third business day following the Any and All Expiration Date (the "Any and All Settlement Date").
In addition to the Total Consideration for the Any and All Notes, Holders of the Any and All Notes accepted for purchase will receive accrued and unpaid interest ("Accrued Interest") on those Any and All Notes from the last interest payment date with respect to those Any and All Notes to, but not including, the Any and All Settlement Date.
Holders who tender their Any and All Notes at or prior to 5:00 p.m.,
CVS Health expressly reserves the right, in its sole discretion, subject to applicable law, to amend, extend or terminate the Any and All Tender Offer at any time prior to the Any and All Expiration Date. The Any and All Tender Offer is not conditioned on any minimum principal amount of Any and All Notes being tendered but the Any and All Tender Offer is subject to a financing condition and certain other general conditions as described in the Offer to Purchase.
CVS Health has retained Barclays Capital Inc. and Mizuho Securities
This press release does not constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, or the solicitation of tenders with respect to, the Notes. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful. The Tender Offers are being made solely pursuant to the Offer to Purchase made available to Holders of the Notes. None of CVS Health, the Dealer Managers, Tender and Information Agent or the trustees with respect to the Notes, or any of their respective affiliates, is making any recommendation as to whether or not Holders should tender or refrain from tendering all or any portion of their Notes in response to the Tender Offers. Holders are urged to evaluate carefully all information in the Offer to Purchase, consult their own investment and tax advisers and make their own decisions whether to tender Notes in the Tender Offers, and, if so, the principal amount of Notes to tender.
About CVS Health
CVS Health is a leading health solutions company building a world of health around every consumer it serves and connecting care so that it works for people wherever they are. As of September 30, 2024, the Company had more than 9,000 retail locations, more than 900 walk-in medical clinics, more than 225 primary care medical clinics, a leading pharmacy benefits manager with approximately 90 million plan members and expanding specialty pharmacy solutions, and a dedicated senior pharmacy care business serving more than 800,000 patients per year. The Company also serves an estimated more than 36 million people through traditional, voluntary and consumer-directed health insurance products and related services, including expanding Medicare Advantage offerings and a leading standalone Medicare Part D prescription drug plan. The Company is creating new sources of value through its integrated model allowing it to expand into personalized, technology driven care delivery and health services, increasing access to quality care, delivering better health outcomes and lowering overall health care costs.
Forward-Looking Statements
This press release contains forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of CVS Health. By their nature, all forward-looking statements are not guarantees of future performance or results and are subject to risks and uncertainties that are difficult to predict and/or quantify. Actual results may differ materially from those contemplated by the forward-looking statements due to the risks and uncertainties described in our Securities and Exchange Commission filings, including those set forth in the Risk Factors section and under the heading "Cautionary Statement Concerning Forward-Looking Statements" in our most recently filed Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2024, June 30, 2024 and September 30, 2024 and our Current Reports on Form 8-K.
You are cautioned not to place undue reliance on CVS Health's forward-looking statements. CVS Health's forward-looking statements are and will be based upon management's then-current views and assumptions regarding future events and operating performance, and are applicable only as of the dates of such statements. CVS Health does not assume any duty to update or revise forward-looking statements, whether as a result of new information, future events, uncertainties or otherwise.
Investor | Larry McGrath | Media | Ethan Slavin |
Contact: | Executive Vice President | Contact: | 860-273-6095 |
Chief Strategy Officer & | Ethan.Slavin@CVSHealth.com | ||
Chief Strategic Advisor to the CEO | |||
investorinfo@cvshealth.com |
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SOURCE CVS Health
FAQ
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