AbbVie Inc. Enters into Underwriting Agreement for Senior Notes Issuance

AbbVie Inc. has recently announced that it entered into an underwriting agreement on February 18, 2025, with several underwriters including BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Barclays Capital Inc., and Mizuho Securities USA LLC. The agreement entails AbbVie issuing and selling a total of $1,250,000,000 in aggregate principal amount of its 4.650% senior notes due 2028, $1,000,000,000 in aggregate principal amount of its 4.875% senior notes due 2030, $1,000,000,000 in aggregate principal amount of its 5.2000% senior notes due 2035, and $750,000,000 in aggregate principal amount of its 5.600% senior notes due 2055.

The pricing details for these notes indicate that they were offered to the public at 99.867% of the principal amount for the 2028 Notes, 99.908% of the principal amount for the 2030 Notes, 99.857% of the principal amount for the 2035 Notes, and 99.750% of the principal amount for the 2055 Notes.

The offering of each series of Notes has been registered under the Securities Act of 1933 pursuant to AbbVie’s registration statement on Form S-3ASR (File No. 333-284980). The expected date for the closing of the sale of the Notes is February 26, 2025, subject to customary closing conditions.

AbbVie anticipates the net proceeds from the sale of the Notes, after deducting the underwriting discounts, to be approximately $3.98 billion. The company plans to utilize these funds, alongside available cash, for various purposes, including the repurchase or repayment of its existing senior notes due in 2025 and general corporate activities.

The underwriting agreement contains standard representations, warranties, and covenants by AbbVie. Additionally, it includes indemnification provisions for both AbbVie and the underwriters against specific liabilities related to the Notes sale and contribution provisions concerning those liabilities.

AbbVie acknowledges in the prospectus supplement that some underwriters or their affiliates have provided or may provide investment banking, financial advisory, lending, or other services to AbbVie and its subsidiaries for which they have received or may receive customary compensation and reimbursements.

For more detailed information regarding the Notes offering, terms, and conditions, interested parties are advised to refer to the Prospectus Supplement. The provided summary is not exhaustive and is subject to the complete content of the Underwriting Agreement, which has been attached as Exhibit 1.1 to the filing.

As per the Forward-Looking Statements, this report and the referenced documents contain statements that may be considered forward-looking and are subject to various risks, uncertainties, and factors that could impact actual outcomes. AbbVie disclaims any obligation to update these statements unless required by applicable securities law regulations.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read AbbVie’s 8K filing here.

AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.