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Celgene Sells $1.5 Billion in its First Bond Offering Since 2010

Celgene Corp., the maker of cancer-fighting drugs Istodax and Abraxane, sold $1.5 billion of bonds in its first offering in about two years.

The biopharmaceutical company issued $500 million of 1.9 percent, five-year notes to yield 130 basis points more than similar-maturity Treasuries and $1 billion of 3.25 percent, 10-year debt at a relative yield of 170 basis points, according to data compiled by Bloomberg.

Celgene last sold debt in a three-part offering in October 2010, issuing $500 million each of 2.45 percent, five-year debt and 3.95 percent, 10-year bonds and $250 million of 5.7 percent 30-year securities, Bloomberg data show.

The new bonds may be rated Baa2, the second-lowest level of investment grade, by Moody’s Investors Service, according to a person familiar with the transaction, who asked not to be identified because the terms are private.

Bank of America Corp., JPMorgan Chase & Co. and Morgan Stanley managed the sale for the Summit, New Jersey-based company, Bloomberg data show. Proceeds will be used for general corporate purposes.

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