Full Press Release Details
Bristol Myers Squibb Announces Tender Offers
for an Aggregate Purchase Price of Up to $4.0
(NEW YORK, February 15, 2022) - Bristol-Myers Squibb
Company (NYSE:BMY) ("Bristol Myers Squibb"), with its wholly-owned subsidiary Celgene Corporation ("Celgene") (collectively, the "Offerors"), announced the commencement of 22 separate offers to purchase for cash notes issued by the
Offerors listed in the tables below (collectively, the "Notes") for an aggregate purchase price of up to $4.0 Billion.
Offers to purchase for cash up to $500,000,000 aggregate purchase price for the securities listed in the priority order below.
| Title of Security | CUSIP/ISIN Number(s) | Issuer / Offeror | Principal Amount Outstanding | Acceptance Priority Level | Reference U.S. Treasury Security (1) | Bloomberg Reference Page | Fixed Spread (basis points) (1) | Early Tender Premium (2) |
| 3.875% Notes due 2025 | 110122DC9/ 110122BN7/ U11009AN4 | Bristol Myers Squibb | $1,822,221,000 | 1 | 2.000% due August 15, 2025 | FIT5 | 30 | $50 |
| 3.875% Notes due 2025 | 151020AS3 | Celgene | $ 103,050,000 | 1 | 2.000% due August 15, 2025 | FIT5 | 30 | $50 |
Offers to purchase for cash up to $500,000,000 aggregate purchase price for the securities listed in the priority order below.
| Title of Security | CUSIP/ISIN Number(s) | Issuer / Offeror | Principal Amount Outstanding | Acceptance Priority Level | Reference U.S. Treasury Security (1) | Bloomberg Reference Page | Fixed Spread (basis points) (1) | Early Tender Premium (2) |
| 3.200% Notes due 2026 | 110122CN6/ 110122CA4/ U11009BA1 | Bristol Myers Squibb | $2,250,000,000 | 1 | 2.125% due May 31, 2026 | FIT6 | 15 | $50 |
Offers to purchase for cash up to $500,000,000 aggregate purchase price for the securities listed in the priority order below.
| Title of Security | CUSIP/ISIN Number(s) | Issuer / Offeror | Principal Amount Outstanding | Acceptance Priority Level | Reference U.S. Treasury Security (1) | Bloomberg Reference Page | Fixed Spread (basis points) (1) | Early Tender Premium (2) |
| 3.450% Notes due 2027* | 110122DD7/ 110122BP2/ U11009AP9 | Bristol Myers Squibb | $961,528,000 | 1 | 1.500% due January 31, 2027 | FIT1 | 45 | $50 |
| 3.450% Notes due 2027* | 151020AY0 | Celgene | $ 38,467,000 | 1 | 1.500% due January 31, 2027 | FIT1 | 45 | $50 |
| 3.250% Notes due 2027 | 110122BB3 | Bristol Myers Squibb | $750,000,000 | 2 | 1.500% due January 31, 2027 | FIT1 | 40 | $50 |
Offers to purchase for cash up to $1,250,000,000 aggregate purchase price for the securities listed in the priority order below.
| Title of Security | CUSIP/ISIN Number(s) | Issuer / Offeror | Principal Amount Outstanding | Acceptance Priority Level | Reference U.S. Treasury Security (1) | Bloomberg Reference Page | Fixed Spread (basis points) (1) | Early Tender Premium (2) |
| 3.400% Notes due 2029* | 110122CP1/ 110122CB2/ U11009BB9 | Bristol Myers Squibb | $4,000,000,000 | 1 | 1.875% due February 15, 2032 | FIT1 | 57 | $50 |
Offers to purchase for cash up to $1,250,000,000 aggregate purchase price for the securities listed in the priority order below.
| Title of Security | CUSIP/ISIN Number(s) | Issuer / Offeror | Principal Amount Outstanding | Acceptance Priority Level | Reference U.S. Treasury Security (1) | Bloomberg Reference Page | Fixed Spread (basis points) (1) | Early Tender Premium (2) |
| 6.875% Notes due 2097 | 110122AC2 | Bristol Myers Squibb | $ 85,727,000 | 1 | 1.875% due November 15, 2051 | FIT1 | 195 | $50 |
| 5.700% Notes due 2040 | 110122DF2/ 110122BR8/ U11009AR5 | Bristol Myers Squibb | $ 188,880,000 | 2 | 2.000% due November 15, 2041 | FIT1 | 126 | $50 |
| 5.700% Notes due 2040 | 151020AF1 | Celgene | $ 3,849,000 | 2 | 2.000% due November 15, 2041 | FIT1 | 126 | $50 |
| 5.250% Notes due 2043 | 110122DG0/ 110122BS6/ U11009AS3 | Bristol Myers Squibb | $ 274,303,000 | 3 | 2.000% due November 15, 2041 | FIT1 | 126 | $50 |
| 5.250% Notes due 2043 | 151020AL8 | Celgene | $ 5,890,000 | 3 | 2.000% due November 15, 2041 | FIT1 | 126 | $50 |
| 5.000% Notes due 2045* | 110122DJ4/ 110122BU1/ U11009AU8 | Bristol Myers Squibb | $1,733,461,000 | 4 | 2.000% due November 15, 2041 | FIT1 | 113 | $50 |
| 5.000% Notes due 2045* | 151020AU8 | Celgene | $ 34,749,000 | 4 | 2.000% due November 15, 2041 | FIT1 | 113 | $50 |
| 4.500% Notes due 2044* | 110122AX6 | Bristol Myers Squibb | $ 500,000,000 | 5 | 2.000% due November 15, 2041 | FIT1 | 105 | $50 |
| 4.550% Notes due 2048* | 110122DL9/ 110122BW7/ U11009AW4 | Bristol Myers Squibb | $1,447,340,000 | 6 | 1.875% due November 15, 2051 | FIT1 | 118 | $50 |
| 4.550% Notes due 2048* | 151020AZ7 | Celgene | $ 38,440,000 | 6 | 1.875% due November 15, 2051 | FIT1 | 118 | $50 |
| 4.250% Notes due 2049* | 110122CR7/ 110122CD8/ U11009BD5 | Bristol Myers Squibb | $3,750,000,000 | 7 | 1.875% due November 15, 2051 | FIT1 | 116 | $50 |
| 4.625% Notes due 2044* | 110122DH8/ 110122BT4/ U11009AT1 | Bristol Myers Squibb | $ 744,719,000 | 8 | 2.000% due November 15, 2041 | FIT1 | 105 | $50 |
| 4.625% Notes due 2044* | 151020AM6 | Celgene | $ 3,691,000 | 8 | 2.000% due November 15, 2041 | FIT1 | 105 | $50 |
| 4.350% Notes due 2047* | 110122DK1/ 110122BV9/ U11009AV6 | Bristol Myers Squibb | $1,236,433,000 | 9 | 1.875% due November 15, 2051 | FIT1 | 117 | $50 |
| 4.350% Notes due 2047* | 151020AW4 | Celgene | $ 13,567,000 | 9 | 1.875% due November 15, 2051 | FIT1 | 117 | $50 |
The outstanding debt securities listed in (i) the first table above labeled "2025 Pool" are referred to collectively as the "2025 Pool
Notes," (ii) the second table above labeled "2026 Pool" are referred to collectively as the "2026 Pool Notes," (iii) the third table above labeled "2027 Pool" are referred to collectively as the "2027 Pool Notes," (iv) the fourth table above
labeled "2029 Pool" are referred to collectively as the "2029 Pool Notes," and (v) the fifth table above labeled "High Coupon Pool" are referred to collectively as the "High Coupon Pool Notes." The High Coupon Pool Notes, the 2025 Pool Notes, the
2026 Pool Notes, the 2027 Pool Notes and the 2029 Pool Notes are referred to collectively as the "Notes," and each series of Notes is referred to as a "series." We refer to each offer to purchase a series of Notes for cash as an "Offer," the offers
to purchase the 2025 Pool Notes collectively as the "2025 Pool Offers," the offers to purchase the 2026 Pool Notes collectively as the "2026 Pool Offers," the offers to purchase the 2027 Pool Notes collectively as the "2027 Pool Offers," the offers
to purchase the 2029 Pool Notes collectively as the "2029 Pool Offers," the offers to purchase the High Coupon Pool Notes collectively as the "High Coupon Pool Offers," and all the offers to purchase Notes are referred to collectively as the
The Offers are subject to the terms and conditions described in the Offer to Purchase dated February 15, 2022 (as it may be amended or
supplemented from time to time, the "Offer to Purchase") which sets forth a detailed description of the Offers, including (i) the Acceptance Priority Procedures (as described below), (ii) a $500 million maximum aggregate purchase price of the 2025
Pool Notes validly tendered in the 2025 Pool Offers, excluding the applicable Accrued Coupon Payments (the "2025 Pool Maximum"), (iii) a $500 million maximum aggregate purchase price of the 2026 Pool Notes validly tendered in the 2026 Pool Offers,
excluding the applicable Accrued Coupon Payments (the "2026 Pool Maximum"), (iv) a $500 million maximum aggregate purchase price of the 2027 Pool Notes validly tendered in the 2027 Pool Offers, excluding the applicable Accrued Coupon Payments (the
"2027 Pool Maximum"), (v) a $1.25 billion maximum aggregate purchase price of the 2029 Pool Notes validly tendered in the 2029 Pool Offers, excluding the applicable Accrued Coupon Payments (the "2029 Pool Maximum"), and (vi) a $1.25 billion maximum
aggregate purchase price of the High Coupon Pool Notes validly tendered in the High Coupon Pool Offers, excluding the applicable Accrued Coupon Payments (the "High Coupon Pool Maximum").
The primary purpose of the Offers is to acquire the maximum principal amount of 2025 Pool Notes, 2026 Pool Notes, 2027 Pool Notes,
2029 Pool Notes and High Coupon Pool Notes in the designated priority order for which the aggregate purchase price (excluding the applicable Accrued Coupon Payments) for each such group of Notes does not exceed the 2025 Pool Maximum, the 2026 Pool
Maximum, the 2027 Pool Maximum, the 2029 Pool Maximum and the High Coupon Pool Maximum, respectively. The Offers are subject to certain other general conditions as described in the Offer to Purchase, as well as the condition that Bristol Myers
Squibb shall have completed an offering of debt securities on terms and conditions satisfactory to Bristol Myers Squibb that results in the receipt of net proceeds that, when taken together with cash on hand, is sufficient to pay the consideration
for all Notes validly tendered (and not validly withdrawn) and accepted for purchase by Bristol Myers Squibb, plus accrued and unpaid interest and related fees and expenses (the "Financing Condition"). The Offers are not conditioned on any minimum
amount of Notes being tendered, and none of the Offers are conditioned on the consummation of the other Offers. Each Offer may be amended, extended or, upon failure of a condition to be satisfied or waived prior to the applicable Early Tender
Deadline (for any Offers for which the Offerors elect to exercise their Early Settlement Right (as defined below)) or the applicable Expiration Date (for any Notes not settled on the Early Settlement Date), terminated individually.
The Offers will each expire at 11:59 p.m. (New York City time) on March 15, 2022, unless extended or earlier terminated by the
Offerors (such date and time with respect to an Offer, as the same may be extended with respect to such Offer, the "Expiration Date"). To be eligible to receive the Total Consideration, which includes the Early Tender Premium, Holders must validly
tender their Notes at or prior to 5:00 p.m. (New York City time) on March 1, 2022, unless extended (such date and time with respect to an Offer, as the same may be extended with respect to such Offer, the "Early Tender Deadline"). Holders who
validly tender their Notes after the applicable Early Tender Deadline, but at or prior to the applicable Expiration Date, will be eligible to receive the Tender Consideration for any such series accepted for purchase. Bristol Myers Squibb expects
to use the net proceeds from the concurrent offering of new notes announced today (the "Concurrent Notes Offering"), together with cash on hand, to pay to Holders whose Notes are accepted in an Offer the Total Consideration or the Tender
Consideration, as applicable, and any Accrued Coupon Payments.
All Holders whose Notes are accepted in an Offer will receive a cash payment equal to accrued and unpaid interest on such Notes to,
but not including, the relevant Settlement Date (as defined below) (the "Accrued Coupon Payment") in addition to their Total Consideration or Tender Consideration, as applicable.
On the terms and subject to the Financing Condition and the other conditions set forth in the Offer to Purchase, the Offerors are
offering to purchase the following outstanding securities issued by it for the consideration described below:
Subject to the satisfaction or waiver of the Financing Condition and the other conditions of the Offers, the "Acceptance Priority
Procedures" will operate concurrently, but separately, for the (i) 2025 Pool Offers, (ii) 2026 Pool Offers, (iii) 2027 Pool Offers, (iii) 2029 Pool Offers, and (iv) High Coupon Pool Offers, in each case, as follows:
Provided that the Financing Condition and all the conditions to the 2025 Pool Offers, the 2026 Pool Offers, the 2027 Pool Offers,
the 2029 Pool Offers, and/or the High Coupon Pool Offers have been satisfied or waived by the applicable Offeror by the applicable Early Tender Deadline, the Offerors may, but are not obligated to, elect to exercise their right (the "Early
Settlement Right"), with respect to the Offers for which the conditions have been satisfied or waived, to settle all Notes validly tendered at or prior to the applicable Early Tender Deadline and accepted for purchase in such Offers (the "Early
Settlement Date"). The Early Settlement Date will be determined at the Offerors' option and is currently expected to occur on the third business day immediately following the Early Tender Deadline. If the Offerors elect to exercise their Early
Settlement Right with respect to any 2025 Pool Notes, 2026 Pool Notes, 2027 Pool Notes, 2029 Pool Notes and/or High Coupon Pool Notes, in each case validly tendered at or prior to the applicable Early Tender Deadline and accepted for purchase, the
Offerors will settle all such Notes on the Early Settlement Date. If the Offerors elect to exercise their Early Settlement Right with respect to the 2025 Pool Offers, the 2026 Pool Offers, the 2027 Pool Offers, the 2029 Pool Offers and/or the High
Coupon Pool Offers, the Offerors will announce in a press release promptly after the applicable Early Tender Deadline that they are exercising their Early Settlement Right with respect to such Offers. On the Early Settlement Date, all Notes validly
tendered at or prior to the applicable Early Tender Deadline and accepted for purchase in the Offers for which the Offerors have elected to exercise their Early Settlement Right will receive the applicable Total Consideration and Accrued Coupon
Payment. The "Final Settlement Date," if any, is the date on which the Offerors will settle all Notes validly tendered and accepted for purchase and not previously settled on the Early Settlement Date. The Final Settlement Date is expected to be
the second business day following the applicable Expiration Date, unless extended with respect to any Offer. Each of the Early Settlement Date and the Final Settlement Date is referred to as a "Settlement Date."
Promptly after the Price Determination Date, the Offerors will issue a press release specifying, among other things, the Offer Yield
and Total Consideration for each series of Notes, the aggregate principal amount of Notes validly tendered at or prior to the applicable Early Tender Deadline and accepted in each Offer and the proration factor (if any) applied to such validly
tendered Notes with respect to each Offer.
The Offerors expressly reserve the right, in their sole discretion, subject to compliance with applicable law and regulations, not
to purchase any Notes or to extend, amend and/or terminate their respective Offers and to amend or waive the Financing Condition and any of the other terms and conditions of any Offer. Holders are advised to read carefully the Offer to Purchase for
full details of and information on the procedures for participating in the Offer, as applicable. If the Offerors terminate any Offer with respect to one or more series of Notes, they will give written notice thereof to the Tender and Information
Agent (as defined below) and will make a public announcement thereof as promptly as practicable, and all Notes tendered pursuant to such terminated Offer will be returned promptly to the tendering Holders thereof. With effect from such termination,
any Notes blocked in The Depository Trust Company ("DTC") will be released. Holders are advised to check with any bank, securities
broker or other intermediary through which they hold Notes as to when such intermediary would need to receive instructions from a beneficial owner in order for that holder to be able to participate, or withdraw their instruction to participate,
in the Offers before the deadlines specified herein and in the Offer to Purchase. The deadlines set by any such intermediary and DTC for the submission and withdrawal of tender instructions will also be earlier than the relevant deadlines
specified herein and in the Offer to Purchase.
After the Price Determination Date, the Offerors may elect to redeem all or a portion of Bristol Myers Squibb's 3.875% Notes due
2025 or 3.200% Notes due 2026 or Celgene's 3.875% Notes due 2025 that are not tendered and accepted in the Offers in accordance with the terms of the optional redemption provisions in the indentures governing such Notes.
The Offerors have retained Deutsche Bank Securities Inc., BofA Securities, Inc. and Goldman Sachs & Co. LLC as dealer managers
for the Offers. Questions regarding terms and conditions of the Offers should be directed to Deutsche Bank Securities Inc. at (866) 627-0391 (toll-free) or (212) 250-2955 (collect) or BofA Securities, Inc. at (888) 292-0070 (toll-free) or (980)
683-3215 (collect) or Goldman Sachs & Co. LLC at (800) 828-3182 (toll-free) or (212) 902-5962 (collect). Global Bondholder Services Corporation will act as the tender agent and the information agent for the Offers (the "Tender and Information
The full details of the Offers, including instructions on how to tender Notes, are included in the Offer to Purchase. Holders are
strongly encouraged to read carefully the Offer to Purchase, including documents incorporated by reference therein, because they will contain important information. The Offer to Purchase is available on Global Bondholder Services Corporation's
website at https://www.gbsc-usa.com/bristol-myers/ or obtained from Global Bondholder Services Corporation at (855) 654-2014 (toll free) or (212) 430-3774 (collect). You may also contact your broker, dealer, commercial bank, trust company or other
nominee for assistance concerning the Offers.
None of the Offerors or their affiliates, their respective boards of directors, the dealer managers, the Tender and Information
Agent or the trustee with respect to the Notes is making any recommendation as to whether Holders should tender any Notes in response to the Offers, and neither the Offerors nor any such other person has authorized any person to make any such
recommendation. Holders must make their own decision as to whether to tender any of their Notes, and, if so, the principal amount of Notes to tender.
Offer and Distribution Restrictions
This announcement is for informational purposes only. This announcement is not an offer to sell or purchase, a solicitation of an
offer to sell or purchase, or the solicitation of tenders with respect to any of Notes described herein. The Offers are being made solely pursuant to the Offer to Purchase. The Offers are not being made to Holders of Notes in any jurisdiction in
which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the securities laws or blue sky laws require the Offers to be made by a licensed broker
or dealer, the Offers will be deemed to be made on behalf of the Offerors by the dealer managers or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction. Neither this announcement nor the Offer to Purchase
is an offer to sell, or the solicitation of an offer to purchase, any securities in the Concurrent Notes Offering.
The Offer to Purchase is only addressed to Holders where they would (if they were clients of the Offerors) be per se professional
clients or per se eligible counterparties of the Offerors within the meaning of the rules of the Financial Conduct Authority (" FCA "). Neither the Offer to Purchase nor any other related documents or materials are addressed to or directed at any
persons who would be retail clients within the meaning of the FCA rules and any such persons should not act or rely on them. Recipients of the Offer to Purchase and any other documents or materials relating to the Offer should note that the
Offerors is acting on its own account in relation to the Tender Offer and will not be responsible to any other person for providing the protections which would be afforded to clients of the Offerors or for providing advice in relation to the Offer.
This announcement, the Offer to Purchase and any other documents or materials relating to the Tender Offer are not being made and
such documents have not been approved by an authorized person for the purposes of section 21 of the Financial Services and Markets Act 2000. Accordingly, such documents and/or materials are not being distributed to, and must not be passed on to,
the general public in the United Kingdom. The communication of such documents and/or materials as a financial promotion is only being made to persons outside the United Kingdom and to those persons in the United Kingdom falling within the
definition of investment professionals (as defined by Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (" Financial Promotion Order ")) or persons who are within Article 43 of the Financial Promotion
Order or any other persons to whom they may otherwise lawfully be communicated under the Financial Promotion Order and should not be relied on or acted on in the United Kingdom by any other persons.
In the EEA, this announcement and the Tender Offer will not, directly or indirectly, be made to, or for the account of, any person
other than to qualified investors within the meaning of Article 2(e) of the Prospectus Regulation. Neither this announcement nor the Offer to Purchase, nor any other documentation or material relating to the Tender Offer, has been or will be
submitted to a competent authority in the EEA for approval. Therefore, neither the Offer to Purchase nor any other documentation or material relating to the Tender Offer qualifies as an approved prospectus as meant in Article 6 of the Prospectus
Accordingly, in the EEA, the Tender Offer may not be made by way of an "offer of securities to the public" within the meaning of
Article 2(d) of the Prospectus Regulation and the Offer may not be promoted and is not being made to, any person in the EEA (with the exception of "qualified investors" within the meaning of Article 2(e) in conjunction with Article 1(4)(a) of the
Prospectus Regulation). This announcement, the Offer to Purchase and any other documentation or materials relating to the Tender Offer (including memoranda, information circulars, brochures or similar documents) have not been forwarded or made