WOONSOCKET – CVS Health Corp. announced plans to raise as much as $20 billion in debt.
The securities, which may be issued in the form of either senior- or junior-ranking borrowings, will be used for general corporate purposes unless specified otherwise, the pharmacy chain said in a Monday regulatory filing.
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CVS, which is buying nursing-home pharmacy Omnicare Inc. in a deal valued at $12.7 billion, has a $13 billion bridge financing commitment from Barclays PLC and Deutsche Bank AG to back the takeover. The company is also purchasing Target Corp.’s pharmacies and clinics for $1.9 billion, a takeover that will also be funded with debt.
Bridge loans are typically replaced by longer-term borrowings.
