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AbbVie to raise €1.4B from senior notes placement

AbbVie Inc. said it will raise €1.4 billion from senior notes through an underwriting agreement.

Under the agreement, the North Chicago, Ill.-based company will issue and sell €750 million aggregate principal amount of senior notes with an interest rate of 0.75% due 2027; as well as €650 million aggregate principal amount of senior notes bearing interest at 1.25% due 2031.

The notes will be issued and sold to Morgan Stanley & Co. International PLC, HSBC Bank PLC, Merrill Lynch International and other underwriters.

AbbVie expects the offering to close on Sept. 26, subject to customary closing conditions.

The company will use proceeds together with cash on hand to repay its €1.4 billion senior notes maturing in 2019 and for other corporate purposes.