...October 25, 2019 NEW YORK (S&P Global Ratings) Oct. 25, 2019--S&P Global Ratings today assigned its 'A-' issue-level ratings to Chicago-based pharmaceutical company AbbVie Inc.'s proposed senior unsecured notes and placed the ratings on CreditWatch with negative implications. AbbVie is seeking to issue $15.5 billion and 3.7 billion of notes and exchange them for outstanding public debt at Allergan Inc., Allergan Sales LLC, Allergan Funding SCS, and Allergan Finance LLC, mirroring the Allergan notes in terms of principal amount, interest rate, and maturity date. The proposed notes are contingent on AbbVie successfully closing its acquisition of Allergan. The company is offering to exchange nearly all of Allergan's outstanding debt except for its $500 million floating-rate notes due March 2020 and $2.6 billion 3% notes due March 2020. Following the close of the acquisition, which we expect will occur in the first quarter of 2020, we will resolve our CreditWatch on AbbVie. Based on the proposed...
