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Novartis sets completion date for Alcon spinoff

Novartis AG said the spinoff of its eye care business Alcon Inc. will be completed April 9.

The Swiss drugmaker will distribute 1 new Alcon share or American depositary receipt as a dividend-in-kind for every 5 Novartis shares or ADRs held.

Alcon's shares will trade on the SIX Swiss Exchange and on the New York Stock Exchange under the ALC symbol beginning April 9.

Alcon, which has secured $3.5 billion debt financing from a group of banks, was assigned Baa2 and BBB credit ratings by Moody's and S&P Global Ratings, respectively. The outlook is stable.

Bank of America Merrill Lynch and UBS AG are advising Novartis on the transaction.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.