CVS Health Corp (CVS) 2020-1

USD750.0007Apr-27Sr. UnsecuredBaa2BBB-FixedTsyT+350 a-2953.63%599.82200
USD1,500.00010Apr-30Sr. UnsecuredBaa2BBB-FixedTsyT+350 a-2953.75%399.77700
USD1,000.00020Apr-40Sr. UnsecuredBaa2BBB-FixedTsyT+340 a-2804.13%-398.31400
USD750.00030Apr-50Sr. UnsecuredBaa2BBB-FixedTsyT+350 a-2804.25%-799.98300
Tranche Comments
7 yr: Registration: Registered; Comments: US$750m 3.625% cpn 7-year(4/1/27) at 99.822, yld 3.654%. Spread: T+295bp MWC T+45bp; 10 yr: Registration: Registered; Comments: US$1.5bn 3.75% cpn 10-year(4/1/30) at 99.777, yld 3.777%. Spread: T+295bp MWC T+45bp; 20 yr: Registration: Registered; Comments: US$1bn 4.125% cpn 20-year(4/1/40) at 98.314, yld 4.251%. Spread: T+280bp MWC T+45bp; 30 yr: Registration: Registered; Comments: US$750m 4.25% cpn 30-year(4/1/50) at 99.983, yld 4.251%. Spread: T+280bp. MWC T+45bp;
Deal Comments
Active Bookrunners: BRC (B&D), GSC, JPM. Passive Bookrunners: BAM, WFS.
Use of Proceeds
Repay bank debt and general corporate purposes

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