Eli Lilly & Co issued US$6.71 billion in bonds in August, with maturities ranging from three to 40 years.
The firm, which produces weight loss drugs Zepbound and Mounjaro, reported US$15.56 billion in revenue over the second quarter – an 38% year-on-year (YoY) increase.
The issuance was made up of US$1 billion in 4.000% notes due 2028, US$750 million 4.250% notes due 2031, US$1 billion 4.550% notes due 2032, US$1.25 billion 4.990% notes due 2035, US$1 billion 5.550% notes due 2055, and US$1 billion 5.650% notes due 2065.
A further US$750,000,000 was issued in floating rate notes, due 2028. These accrue interest at a rate equal to compounded SOFR. plus 0.530%.
Interest is paid semi-annually.
Citigroup Global Markets, Goldman Sachs, JP Morgan Securities, Mizuho Securities USA and Morgan Stanley & Co represented the underwriters for the issuance.
Eli Lilly’s credit rating outlook was revised to positive by S&P Global following the issuance, stating that it has strong revenue growth prospects due to product demand and quality. The company has an A+ issuer rating, as does its issuance.
Competitor Novo Nordisk was assigned an AA rating by the agency in May, with a stable outlook.
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