Eli Lilly’s €1.8 Billion Notes and £250 Million Notes Offering

Davis Polk advised the joint book-running managers and representatives of the other underwriters in the offering.

Eli Lilly and Company executed the offering of €600 million aggregate principal amount of its 0.500% notes due 2033, €500 million aggregate principal amount of its 1.125% notes due 2051, €700 million aggregate principal amount of its 1.375% notes due 2061 and £250 million aggregate principal amount of its 1.625% notes due 2043.

The 2033 notes are Eli Lilly’s inaugural sustainability bond, and the proceeds will be used to advance its global environmental, social and governance (ESG) strategy to increase access to medicines, improve lives and communities, empower a diverse workforce, minimize environmental impact and operate ethically and responsibly.

Merrill Lynch International, Barclays Bank PLC, BNP Paribas, Citigroup Global Markets Limited and Deutsche Bank AG, London Branch acted as representatives of the underwriters for the offering.

Eli Lilly and Company is a worldwide research-based pharmaceutical company. The company was incorporated in 1901 in Indiana to succeed to the drug manufacturing business founded in Indianapolis, Indiana in 1876 by Colonel Eli Lilly, and is focused on discovering, developing, manufacturing and marketing products in a single business segment—human pharmaceutical products. 

The Davis Polk capital markets team included partner John G. Crowley (Picture), counsel Jennifer Ying Lan and associate Johnathan M. Nixon. The tax team included partner Mario J. Verdolini and associate Ben Levenback. The environmental team included counsel Michael Comstock. The intellectual property and technology transactions team included partner David R. Bauer and associate Alison T. Chin. 

Involved fees earner: David Bauer – Davis Polk & Wardwell; Alison Chin – Davis Polk & Wardwell; Michael Comstock – Davis Polk & Wardwell; John Crowley – Davis Polk & Wardwell; Ben Levenback – Davis Polk & Wardwell; Johnathan Nixon – Davis Polk & Wardwell; Mario Verdolini – Davis Polk & Wardwell; Jennifer Ying Lan – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Barclays Bank; BNP Paribas; Citigroup Global Markets Ltd; Deutsche Bank AG London Branch; Merrill Lynch International;

Author: Martina Bellini