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Bristol-Myers Squibb Company (BMY) Prices Tender Offer


10/19/2005 5:13:10 PM

NEW YORK, March 30 /PRNewswire-FirstCall/ -- Bristol-Myers Squibb today announced that it has priced its 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").

Upon consummation of the tender offer, Bristol-Myers Squibb will pay $1,012.18 for each $1,000 principal amount of the Notes purchased in the tender offer, plus accrued but unpaid interest up to, but not including, the settlement date. The purchase price was 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, today).

The offer is scheduled to expire at 5 p.m., ET, Thursday, March 31, 2005 (the "Scheduled Expiration Date"), unless extended. The purchase price for Notes tendered and accepted for payment pursuant to the tender offer is payable only to holders who validly tender their Notes before 5 p.m., ET, on the Scheduled Expiration Date and do not validly withdraw their tender. Holders who tender their Notes in the offer may withdraw their tender at any time prior to 5 p.m., ET, on the Scheduled Expiration Date, but not thereafter, except as may be required by law.

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

Requests for the Offer to Purchase and the related 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, 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.

As previously announced, Bristol-Myers Squibb intends to deliver a notice of mandatory redemption on Friday, April 1, 2005, with respect to any Notes that remain outstanding following consummation of the tender offer. Pursuant to the indenture governing the Notes, the redemption price will be equal to the sum of (1) the principal amount of the Notes to be redeemed, plus accrued interest to, but not including, the redemption date, and (2) a make-whole amount. Bristol-Myers Squibb has determined that the make-whole amount for the redemption is $1,014.06. Any Notes that remain outstanding following the consummation of the tender offer will be redeemed at the redemption price on Monday, May 2, 2005.

This news 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: Brian Henry, Corporate Affairs, +1-609-252-3337,brian.henry@bms.com; or John Elicker, Investor Relations, +1-212-546-3775,john.elicker@bms.com, both of Bristol-Myers Squibb



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