Biogen Idec Sells $1B in Notes, Converting Bridge Loan to Permanent Debt
In order to convert a bridge loan taken out to help finance last year’s $3 billion stock buyback program to permanent debt, Cambridge, MA-based biotechnology company Biogen Idec has sold $1 billion of senior notes, according to a company spokesperson and an SEC filing made today. The sale consisted of two parts, one involving 10-year notes (maturing March 1, 2018) worth $550 million, and the other involving $450 million of five-year notes. Last May, Biogen announced it planned to repurchase $3 billion worth of stock through a modified “Dutch Auction” tender offer. The program was successfully completed early last summer.