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CVS Health prices tender offer for $3.65B senior notes

CVS Health Corp. on Aug. 14 priced its previously announced cash tender offers to repurchase $3.65 billion of its senior notes with varying maturity dates.

The offering was downsized from CVS's initial plan to redeem $4 billion of notes.

The U.S. pharmacy chain said it will accept for purchase $2 billion of its 3.125% senior notes due 2020 with a reference yield of 1.928% for a total consideration of $1,005.86 per $1,000 principal amount.

CVS will also accept for purchase $550 million of its 4.125% senior notes due 2021 with a reference yield of 1.662% for a total consideration of $1,033.32 per $1,000 principal amount; $500 million of Aetna Inc.'s $500 million 4.125% senior notes due 2021 with a reference yield of 1.657% for a total consideration of $1,034.37 per $1,000 principal amount; and $600 million of Coventry Health Care Inc.'s 5.450% senior notes due 2021 with a reference yield of 1.650% for a total consideration of $1,053.11 per $1,000 principal amount.

The notes are expected to settle Aug. 15. Notes that were tendered with a duly executed Notice of Guaranteed Delivery will settle Aug. 19.