AbbVie Inc. $6 Billion Senior Notes Offering

Davis Polk advised the representatives of the underwriters in connection with an SEC-registered offering by AbbVie Inc. of $6 billion aggregate principal amount of senior notes in four series, consisting of $1.25 billion aggregate principal amount of 3.375% senior notes due 2021, $1.25 billion aggregate principal amount of 3.750% senior notes due 2023, $1.75 billion aggregate principal amount of 4.250% senior notes due 2028 and $1.75 billion aggregate principal amount of 4.875% senior notes due 2048.

The net proceeds from the offerings were approximately $5.9 billion, which AbbVie intends to use, together with cash on hand, for refinancing and general corporate purposes.

BofA Merrill Lynch, J.P. Morgan, Morgan Stanley, BNP PARIBAS, Barclays, Citigroup, Goldman Sachs & Co. LLC and HSBC acted as Joint Book-Running Managers on the offering.

Headquartered in Chicago, Illinois, AbbVie is a global research-based biopharmaceutical company that develops and markets advanced therapies that address some of the world’s most complex and serious diseases. AbbVie products are focused on treating conditions such as chronic autoimmune diseases in rheumatology, gastroenterology and dermatology; oncology, including blood cancers; virology, including hepatitis C virus (HCV) and human immunodeficiency virus; neurological disorders, such as Parkinson’s disease; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis; as well as other serious health conditions.

The Davis Polk capital markets team included partner Richard D. Truesdell Jr. (Picture) and associates Ferrell Maguire Keel and Amarilice C. Young. The tax team included partner David H. Schnabel and associates Christopher A. Baratta and James Manzione. Partner David R. Bauer and associates Jay Frankel and Elizabeth R. Diggs provided intellectual property and technology advice.


Involved fees earner: Richard Truesdell Jr. – Davis Polk & Wardwell; Ferrell Maguire Keel – Davis Polk & Wardwell; Amarilice Young – Davis Polk & Wardwell; David Schnabel – Davis Polk & Wardwell; Christopher Baratta – Davis Polk & Wardwell; James Manzione – Davis Polk & Wardwell; David Bauer – Davis Polk & Wardwell; Jay Frankel – Davis Polk & Wardwell; Elizabeth Diggs – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Barclays Bank; BNP Paribas; Bank of America Merrill Lynch; Citigroup Inc.; Goldman, Sachs & Co.; HSBC; JP Morgan; Morgan Stanley;