Actavis in Largest Bond Offering of 2015

March 4, 2015

Cleary Gottlieb is representing Actavis, which announced the pricing of a $21 billion public offering of senior notes in 10 tranches in connection with the pending acquisition of Allergan.

This transaction is the the largest bond offering of 2015 and the second biggest corporate debt issuance ever. On March 2, Actavis announced the closing of public offerings of $4.1 billion of Ordinary Shares and $4.9 billion of Mandatory Convertible Preferred Shares in connection with the pending acquisition of Allergan. This transaction was the largest healthcare equity offering ever and the largest non-financial mandatory convertible preferred shares offering ever. Together the equity and debt transactions are the largest acquisition financing securities offerings ever.