WHITEHOUSE STATION, N.J.--(BUSINESS WIRE)--Merck & Co., Inc. (the “Company”) (NYSE:MRK), known as MSD outside the United States and Canada, announced today the commencement of a public offering of three series of Euro denominated senior unsecured notes due 2021, 2026 and 2034 (collectively, the “New Notes”). The exact terms and timing of the offering will depend upon market conditions and other factors. on hand, commercial paper borrowings or other amounts available to the Company.
The Company intends to use all or a substantial portion of the net proceeds from the offering of the New Notes to purchase notes and debentures that are validly tendered in connection with tender offers launched by the Company for its 6.30% Debentures due 2026, 6.40% Debentures due 2028, 5.95% Debentures due 2028, 6.50% Senior Notes due 2033, 5.75% Notes due 2036, 5.76% Notes due 2037, 6.55% Senior Notes due 2037, and 5.85% Notes due 2039 (collectively, the “Old Notes”). As of the date of the Offer to Purchase, the aggregate outstanding principal amount of the Old Notes is approximately $4.76 billion. If there are net proceeds remaining after the tender offers, the Company intends to redeem in whole or in part, its 4.00% Notes due 2015 and 6.00% Senior Notes due 2017. Any remaining net proceeds will be used for general corporate purposes, including without limitation the repayment of outstanding commercial paper borrowings and other indebtedness with upcoming maturities. If the net proceeds of the offering for the New Notes are insufficient to pay for all of the notes acquired by the Company in the tender offers, the Company will fund any additional amounts from cash on hand, commercial paper borrowings or other amounts available to the Company.
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