WOONSOCKET – CVS Caremark Corp. has the fifth-largest amount of bonds maturing this year among non-financial borrowers in the S&P 500 index, according to Bloomberg News.
CVS has $2.3 billion in debt coming due in 2010, according Moody’s Investors Service and data compiled by Bloomberg. The only non-financial firms with more maturing are AT&T Inc. ($6.6 billion), Procter & Gamble Co. ($4.3 billion), Wal-Mart Stores Inc. ($3.6 billion) and Verizon Communications Inc. ($2.8 billion).
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CVS and other companies with major debt repayments scheduled this year will benefit from last year’s record rally in U.S. corporate bonds, which pushed down borrowing costs to a five-year low, Bloomberg said.
American corporations have a total of $429 billion in debt maturing this year, and the reduction in costs is poised to shave $17.4 billion off their combined annual interest expense this year, according to Bloomberg.
Among financial firms, Bank of America Corp. has the largest amount of debt due this year, at $80.1 billion), followed by Citigroup Inc. ($68 billion), GE Capital Corp. ($67.4 billion), JPMorgan Chase & Co. ($49.3 billion) and Goldman Sachs Group Inc. ($45.7 billion).
