Biotech Values

[DewDiligence]

MON sells 50-year bond as part of $4.5B offering to fund the share-buyback program announced yesterday (#msg-103710052);

http://www.sec.gov/Archives/edgar/data/1110783/000119312514251428/d741356dfwp.htm

The tranches are:

• $500M of 3-year notes @1.15%
• $500M of 5-year notes @2.125%
• $500M of 7-year notes @2.75%
• $750M of 10-year notes @3.375%
• $500M of 20-year notes @4.20%
• $1B of 30-year notes @4.30%
• $750M of 50-year notes @4.70%

Note that MON’s 4.7% rate on the 50-year paper is 10 basis points better than what CAT was able to do (#msg-101728817).