Maplewood, Minn.-based 3M, which announced its purchase of wound care giant Acelity in May, launched a four-part bond sale yesterday. 3M expects to finance the Acelity buyout with all of the net proceeds from the offering, plus unsecured short-term debt and cash on hand.
The flotation is due to consist of $500 million in 1.75% notes due 2023, $750 million in 2.0% notes due 2025, $1 billion in 2.375% notes due 2029 and $1 billion in 3.25% notes due 2049.
The joint book-runners on the offering are Goldman Sachs, BofA Securities, Morgan Stanley, Wells Fargo, Barclays Capital, Citigroup Global Markets, Credit Suisse, Deutsche Bank and J.P. Morgan.
MMM shares were off -1.17% to $161.81 apiece in midday trading today.