Biotech Values

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Bristol-Myers Snatches Five-, 30-Year Coupon Records

Bristol-Myers Squibb Co. (BMY) attained the lowest-borrowing costs on record for five- and 30-year bonds Thursday as part of a $2 billion bond sale.

The global biopharmaceutical company, rated in the single-A range, sold $500 million of 30-year bonds with a 3.25% coupon--the lowest ever, according to Dealogic records going back to 1995. The prior record was 3.60%, set earlier this month by Monsanto Co. (MON).

Bristol-Myers sold $750 million of five-year bonds bearing a coupon of 0.875%, another record low. The prior record was 1%, set by 3M Co. (MMM) last month.

http://online.wsj.com/article/BT-CO-20120726-723467.html