Biotech Values

[DewDiligence]

MRK exploits Bond Bubble by selling $6.5B of fixed- and floating rate notes:

http://finance.yahoo.com/news/merck-prices-6-5-billion-222900812.html

• $1,000 million of 0.70% notes due May 2016
• $500 million of floating rate notes due May 2016
• $1,000 million of 1.30% notes due May 2018
• $1,000 million of floating rate notes due May 2018
• $1,750 million of 2.80% notes due May 2023
• $1,250 million of 4.15% notes due May 2043

The purpose of the debt issuance is to repurchase $7.5B of common stock during the next 12 months as part of a new $15B repurchase authorization announced on 5/1/13.