Abbott's AbbVie Borrows Big
Abbott's soon-to-be spinoff Abbvie led last weeks borrowing charge with nearly $15 billion in debt spread over 3 to 30-year maturities. A big chunk of the money heads back to Abbott where it'll finance a tender offer to redeem existing debt. Basically, looks like a balance sheet shuffle because of the spinoff.
There were also some straight up refinancings and capital expenditures at a couple firms along with the ever-popular 'general corporate purposes.'
Borrows based outside the US made up just under a third of the $36 billion total new issues. That's about in line with recent weeks.
As always, comments and questions are welcome here or at the article.
Fool on! Russ