AbbVie Inc. Announces $9.93B Note Offering to Fund Apogee Deal

What Happened

• AbbVie Inc. announced on August 4, 2026 that it entered an underwriting agreement to issue $10.0 billion aggregate principal of senior notes across nine series. The offering includes a $500M floating‑rate note due 2028 and fixed‑rate notes maturing from 2028 to 2066 (coupons from 4.50% to 6.10%). Net proceeds are expected to be approximately $9.93 billion after underwriting discounts and expenses. The sale is expected to close on or about August 18, 2026, subject to customary conditions.
• The offering is registered under AbbVie’s Form S‑3ASR. Lead underwriters include Morgan Stanley, BofA Securities, J.P. Morgan and SG Americas Securities. AbbVie said it will use proceeds to fund a portion of cash payments for its acquisition of Apogee Therapeutics, pay related fees and expenses, and for general corporate purposes (which may include repaying or repurchasing outstanding debt). Proceeds will also reduce draws under AbbVie’s $10.0B 364‑day delayed draw term loan facility tied to the Apogee acquisition.

Key Details

• Total principal offered: $10.0 billion across nine note series; expected net proceeds ≈ $9.93 billion.
• Selected series and coupons: floating‑rate due 2028 ($500M); 4.50% due 2028 ($1.0B); 4.65% due 2030 ($1.25B); 4.875% due 2031 ($1.5B); 5.05% due 2033 ($1.25B); 5.30% due 2036 ($1.5B); 5.45% due 2038 ($1.0B); 6.00% due 2056 ($1.5B); 6.10% due 2066 ($500M).
• Pricing to public was generally near par (prices ranged about 99.4%–100% of principal, varying by series).
• Expected closing date: August 18, 2026. Underwriting agreement includes customary representations, indemnities and relationships disclosure in the prospectus supplement.

Why It Matters

• This transaction raises substantial debt to help fund AbbVie’s acquisition of Apogee and supports related cash obligations without fully drawing the company’s committed delayed‑draw loan facility.
• The offering increases AbbVie’s outstanding long‑term debt and will affect interest expense going forward (coupon rates vary by maturity), which investors should consider when assessing leverage and credit metrics.
• The filing is a formal disclosure of the financing plan and terms; investors can review the prospectus supplement and underwriting agreement for full details.