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Investing.com -- Merck & Co. is selling investment-grade corporate bonds Tuesday to help finance its acquisition of Verona Pharma Plc, joining more than a dozen companies launching debt offerings at the start of a traditionally busy season for bond markets.
The pharmaceutical giant is offering the bonds in up to six different segments, including a 30-year option, according to Bloomberg, citing a person with knowledge of the transaction who requested anonymity because the details are private. Initial pricing discussions for the 30-year bond indicate a yield approximately 1 percentage point above comparable Treasury securities.
Longer-dated bond offerings have attracted significant interest this year from investors seeking to secure relatively high yields for extended periods. Merck announced in July that it would acquire Verona Pharma for approximately $10 billion.
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