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Bristol-Myers Squibb Company (BMY) Announces Debt Tender Offer

10/19/2005 5:13:06 PM

NEW YORK, March 23 /PRNewswire-FirstCall/ -- Bristol-Myers Squibb Company today announced that it has commenced a cash tender offer to purchase any and all of its outstanding $2.5 billion aggregate principal amount 4.75% Notes due 2006, CUSIP No. 110122 AF 5 (the "Notes"). The tender offer is scheduled to expire at 5 p.m. ET, on Thursday, March 31, 2005, (the "Scheduled Expiration Date"), unless extended. The tender offer is being made upon the terms, and subject to the conditions, set forth in the Offer to Purchase dated March 23, 2005. Holders may withdraw their tenders prior to 5 p.m. ET on March 31, but not thereafter, except as may be required by law.

The purchase price for each $1,000 principal amount of Notes validly tendered and accepted for payment pursuant to the tender offer will be determined at 2 p.m. ET on Wednesday, March 30, 2005, unless extended, in the manner described in the Offer to Purchase. The purchase price will be determined by taking a fixed spread of 0.15% over the bid side yield to maturity of the 2.50% U.S. Treasury Notes due September 30, 2006 (as quoted on Bloomberg Reference Page BBT4 at 2 p.m. ET, on March 30, 2005). The purchase price for the Notes will be announced by news release promptly after its determination.

In addition, holders who validly tender and do not validly withdraw their Notes will be paid any accrued and unpaid interest from the last interest payment date up to but not including the settlement date.

Settlement of the tender offer is expected to occur on Monday, April 4, 2005. Bristol-Myers Squibb expects to use available funds to purchase the Notes tendered pursuant to the tender offer.

Bristol-Myers Squibb also announced its intention to give a notice of redemption on Friday, April 1, 2005, with respect to any Notes that remain outstanding following consummation of the tender offer. Any Notes outstanding following the tender will be redeemed on Monday, May 2, 2005.

Requests for the Offer to Purchase and the Letter of Transmittal may be directed to Global Bondholder Services Corporation by telephone at 866-470-3800 or 212-430-3774 or in writing at 65 Broadway -- Suite 704, New York, New York 10006. Questions regarding the tender offer may be directed to Banc of America Securities LLC at 866-475-9886 or Citigroup Global Markets Inc. at 800-558-3745.

None of Bristol-Myers Squibb, the dealer managers, the depositary agent, the information agent or the Luxembourg agent makes any recommendation that any holder tender or refrain from tendering all or any portion of the principal amount of their Notes pursuant to the tender offer, and no one has been authorized by any of them to make such a recommendation. Holders must make their own decision as to whether to tender their Notes, and if so, the principal amount to tender.

This press release is not an offer to purchase or a solicitation of an offer to sell any Notes, which is being made only pursuant to the terms of the Offer to Purchase dated March 23, 2005. In any jurisdiction where the laws require the tender offer to be made by a licensed broker or dealer, the tender offer will be deemed made on behalf of Bristol-Myers Squibb by Banc of America Securities LLC and Citigroup Global Markets Inc., or one or more registered brokers or dealers under the laws of such jurisdiction.

Bristol-Myers Squibb Company is a global pharmaceutical and related health care products company whose mission is to extend and enhance human life.

Bristol-Myers Squibb Company

CONTACT: Media - Brian Henry, Corporate Affairs, +1-609-252-3337,, Investors - John Elicker, Investor Relations,+1-212-546-3775,, both for Bristol-Myers Squibb Company

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