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Lilly to buy back $2B in outstanding debt

Eli Lilly and Co. is buying back up to $2 billion of its outstanding debt via a cash tender offer.

Under the tender offer, the pharmaceutical giant will buy its outstanding 3.950% notes due 2047, 3.700% notes due 2045, 3.875% notes due 2039, 7.125% notes due 2025, 6.77% notes due 2036, 5.950% notes due 2037 and 5.55% notes due 2037.

Lilly will also purchase its outstanding 5.50% notes due 2027, 4.650% notes due 2044, 3.100% notes due 2027, 2.750% notes due 2025, 3.375% notes due 2029, 3.950% notes due 2049, 4.150% notes due 2059 and 2.350% notes due 2022.

The tender offer will expire at 11:59 p.m. New York City time on Nov. 21, unless extended or terminated earlier.

Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC are lead dealer managers for the tender offer, while BNP Paribas Securities Corp. and J.P. Morgan Securities LLC are co-dealer managers. Global Bondholder Services Corp. is the tender and information agent for the tender offer.