Milbank, Tweed, Hadley & McCloy LLP has represented the underwriters in connection with the $1 billion offering of senior unsecured notes by leading global medical technology company CareFusion Corp. (NYSE: CFN). It was Carefusion’s first registered debt offering since being spun off in 2009 from Cardinal Health, Inc.
Global Securities partner Rod Miller led the team representing Barclays, Bank of America Merrill Lynch and J.P. Morgan as representatives of the several underwriters. The investment-grade offering, which closed on May 22, consisted of the following three tranches: $300 million of senior notes that will mature in 2017 and will bear interest at an annual rate of 1.450%; $400 million of senior notes that will mature in 2024 and will bear interest at an annual rate of 3.875% and $300 million of senior notes that will mature in 2044 and will bear interest at an annual rate of 4.875%.
San Diego-based CareFusion Corp. is a global corporation serving the health care industry with products and services that help hospitals measurably improve the safety and quality of care. It plans to use a portion of proceeds from the offering to repay at maturity $450 million in outstanding principal on 5.125% senior notes due 2014, and the remaining proceeds for general corporate purposes.
Mr. Miller was assisted on the transaction by Tax partner Andrew Walker and associates Jessica Cunningham, Susan Yanes, Donald Canavaggio and Erika Hauser.
