Actavis Cuts Cost on $21 Billion Bond Deal With Buyers Swarming
This article is for subscribers only.
Actavis Plc is getting a taste of just how starved debt investors are for yield.
The drugmaker, which is wrapping up a $21 billion bond sale that will be the second-biggest ever, shaved about $10 million in annual interest costs from the biggest piece of the deal after receiving investor orders that were more than four times the offering size. The sale, eclipsed only by Verizon Communications Inc.’s record $49 billion offering in 2013, will help fund Actavis’s acquisition of Botox-maker Allergan Inc.