Abbott Laboratories $15.1 Billion Notes Offering


Davis Polk advised the joint book-running managers on an SEC-registered offering by Abbott Laboratories of $2.85 billion aggregate principal amount of 2.350% notes due 2019, $2.85 billion aggregate principal amount of 2.900% notes due 2021, $1.5 billion aggregate principal amount of 3.400% notes due 2023, $3 billion aggregate principal amount of 3.750% notes due 2026, $1.65 billion aggregate principal amount of 4.750% notes due 2036 and $3.25 billion aggregate principal amount of 4.900% notes due 2046.

BofA Merrill Lynch, Barclays, Morgan Stanley, BNP PARIBAS, Citigroup, Deutsche Bank Securities, MUFG and SOCIETE GENERALE acted as Joint Book-Running Managers

The net proceeds from the offering will fund a portion of the consideration for the acquisition of St. Jude Medical by Abbott, and to pay related expenses.

Abbott is a global health care company that researches and manufactures a range of medical technologies. With a portfolio of leading, science-based offerings in diagnostics, medical devices, nutritionals and branded generic pharmaceuticals, Abbott serves people in more than 150 countries and employs approximately 74,000 people.

The Davis Polk capital markets team included partner Deanna L. Kirkpatrick (Picture), counsel Jeffrey S. Ramsay and associates Christopher M. Bezeg and Andrew J. Terjesen. Counsel Loyti Cheng and associate Yuko Masunaga provided environmental advice. Partner Rachel D. Kleinberg and associate Dao Fu provided tax advice. Associates Bonnie Chen and Tilak Koilvaram provided intellectual property and technology advice.

Involved fees earner: Deanna Kirkpatrick – Davis Polk & Wardwell; Jeffrey Ramsay – Davis Polk & Wardwell; Christopher Bezeg – Davis Polk & Wardwell; Andrew Terjesen – Davis Polk & Wardwell; Loyti Cheng – Davis Polk & Wardwell; Yuko Masunaga – Davis Polk & Wardwell; Rachel Kleinberg – Davis Polk & Wardwell; Dao Fu – Davis Polk & Wardwell; Bonnie Chen – Davis Polk & Wardwell; Tilak Koilvaram – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Barclays Bank; BNP Paribas; Bank of America Merrill Lynch; Citigroup Inc.; Deutsche Bank Securities; Morgan Stanley; Société Générale; Mitsubishi UFJ Financial Group;

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Author: Ambrogio Visconti