Deals
CVS Borrows $40 Billion for Aetna in Third-Largest Bond Sale
- Company had targeted up to $45 billion of debt for acquisition
- Drugstore chain took out $49 billion bridge loan in December
CVS Issues $40B of Debt for Aetna Acquisition
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CVS Health Corp. completed the third-largest corporate bond sale on record to fund its acquisition of Aetna Inc., testing the appetite of a market that’s off to its worst annual start in decades.
The pharmacy giant issued $40 billion of investment-grade debt in a nine-part offering, people with knowledge of the matter said. That’s surpassed only by Verizon Communication Inc.’s $49 billion offering in 2013 and Anheuser-Busch InBev SA’s $46 billion sale two years ago.