Posted To: MBS Commentary
Have you heard much about Actavis before today? Me neither, but that sure changed quickly! Actavis is a big pharmaceutical company that announced it would buy Allergan back in Nov for around $66 bln. As is sometimes the case with these big buyouts, the buying firm needs to raise cash for the deal. Actavis did this in a big way today–much bigger than the street was expecting. It actually ended up being the 2nd biggest corporate bond deal ever. To put it in perspective , the last corporate deals that made waves were Apple and Microsoft (those tiny little companies…) at $6.5 and $10.75 bln respectively. While the Actavis deal didn’t come close to the epic Verizon bond offering ($47 bln), it crushed the runners up as it was last reported to be in the neighborhood of $27 bln. That’s a…(read more)
Via:: MBS RECAP: What is Actavis and How Did it Ruin Our Day?