CVS Health’s $1 Billion Debt Offering

Shearman & Sterling advised CVS Health, while Simpson Thacher advised the underwriters led by Barclays Capital Inc., BofA Securities, Inc. and J.P. Morgan Securities LLC, on the deal.

CVS Health Corporation executed its offering of $1 billion of 2.125% Senior Notes due 2031. The offering closed August 18, 2021.

CVS Health is the nation’s premier health innovation company. CVS Health has more than 9,900 retail locations, approximately 1,100 walk-in medical clinics, a leading pharmacy benefits manager with approximately 108 million plan members, a dedicated senior pharmacy care business serving more than one million patients per year and expanding specialty pharmacy services. CVS Health also serves an estimated 34 million people through traditional, voluntary and consumer-directed health insurance products and related services, including expanding Medicare Advantage offerings and a leading standalone Medicare Part D prescription drug plan.

The underwriters are Barclays Capital Inc., BofA Securities, Inc., J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, Wells Fargo Securities, LLC, Credit Suisse Securities (USA) LLC ,Mizuho Securities USA LLC, MUFG Securities Americas Inc., Citigroup Global Markets Inc., RBC Capital Markets, LLC, Truist Securities, Inc., U.S. Bancorp Investments, Inc., Fifth Third Securities, Inc., PNC Capital Markets LLC, Santander Investment Securities Inc., SMBC Nikko Securities America, Inc., BNY Mellon Capital Markets, LLC, ICBC Standard Bank Plc, KeyBanc Capital Markets Inc., Loop Capital Markets LLC, MFR Securities, Inc.
TD Securities (USA) LLC.

The Simpson Thacher team for the transactions included Roxane Reardon (Picture), Adriana Estor-Restrepo and Bethany Wong (Capital Markets); Nancy Mehlman, Jonathan Cantor and Kris Liu (Tax); Jennifer Neilsson (Benefits); Michael R. Isby (Environmental); Melanie Jolson (Intellectual Property); and Jennie Getsin (FINRA and Blue Sky).

The Shearman & Sterling team included Lona Nallengara, Kristina L. Trauger, Gina Lee, Natalie Ko, Gus Atiyah, Barbara Zylberg, Paul Schreiber, Thomas Majewski, Elliot Domio, Kristen Garry, Daniel Kachmar, Thomas Donegan, Elias Allahyari, Doreen E. Lilienfeld, Matthew Weston, Stella Sun and Matthew Brown.

Involved fees earner: Elias Allahyari – Shearman & Sterling; Gus Atiyah – Shearman & Sterling; Elliot Domio – Shearman & Sterling; Thomas Donegan – Shearman & Sterling; Kristen Garry – Shearman & Sterling; Daniel Kachmar – Shearman & Sterling; Natalie Ko – Shearman & Sterling; Gina Lee – Shearman & Sterling; Doreen Lilienfeld – Shearman & Sterling; Thomas Majewski – Shearman & Sterling; Lona Nallengara – Shearman & Sterling; Paul Schreiber – Shearman & Sterling; Kristina Trauger – Shearman & Sterling; Matthew Weston – Shearman & Sterling; Barbara Zylberg – Shearman & Sterling; Jonathan Cantor – Simpson Thacher & Bartlett; Adriana Estor-Restrepo – Simpson Thacher & Bartlett; Jennie Getsin – Simpson Thacher & Bartlett; Michael Isby – Simpson Thacher & Bartlett; Melanie Jolson – Simpson Thacher & Bartlett; Kris Liu – Simpson Thacher & Bartlett; Nancy Mehlman – Simpson Thacher & Bartlett; Jennifer Neilsson – Simpson Thacher & Bartlett; Roxane Reardon – Simpson Thacher & Bartlett; Bethany Wong – Simpson Thacher & Bartlett;

Law Firms: Shearman & Sterling; Simpson Thacher & Bartlett;

Clients: Bank of America Securities; Barclays Capital ; BNY Mellon Capital Markets; Citigroup Global Markets Ltd; Credit Suisse Securities (USA) LLC; CVS Health Corporation; Fifth Third Securities, Inc.; Goldman Sachs & Co.; ICBC Standard Bank; J.P. Morgan Securities LLC; KeyBanc Capital Markets; Loop Capital Markets; MFR Securities, Inc.; Mizuho Securities; MUFG Securities Americas Inc. ; PNC Capital Markets LLC; RBC Capital Markets; Santander Investment Securities Inc.; SMBC Nikko Securities America; TD Securities; Truist Securities Inc. ; U.S. Bancorp Investments; Wells Fargo Securities;

Author: Martina Bellini