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Amgen sells $2 bln of debt in two-part sale

http://www.reuters.com/article/rbssHealthcareNews/idUSN1342435220090113?sp=true

Tue Jan 13, 2009 6:16pm EST NEW YORK, Jan 13 (Reuters) - Amgen Inc (AMGN.O) said on Tuesday it sold $2 billion of debt in a two-part sale that was oversubscribed.

The biotechnology company sold $1 billion of 10-year notes and $1 billion of 30-year notes, with both issues pricing at 345 basis points over comparable U.S. Treasuries, according to Amgen Treasurer Pam Watnick.

"Spreads are wide in the current environment for all issuers, so the meaningful number is the all-in cost," she said.

"We were pleased that it was oversubscribed and showed investors are confident in the progress made by the company in restructuring and overcoming some headwinds," she added.

The coupon of 5.70 percent for the 10-year issue compares favorably with the 6.15 percent coupon in Amgen's last comparable issue in May, 2008, she said.

Goldman Sachs, Merrill Lynch and Morgan Stanley acted as lead managers on the deal.

Amgen is rated at "A3" by Moody's, or seventh-highest investment grade in its scale, and 'A-plus" by Standard & Poor's, which is fifth-highest investment grade. (Reporting by Ciara Linnane; editing by Gary Crosse)