Gilead Sciences has raised $1 billion in a sale of senior unsecured floating-rate notes, The Wall Street Journal reports. The company intends to use the net proceeds to pay down existing debt and buy back stock.
The biopharmaceutical company appointed Bank of America Merrill Lynch, JP Morgan, and Morgan Stanley as the joint bookrunning managers for the sale. The notes carry a coupon rate of 4.50% and are due to mature on April 1, 2021.
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