Summary by Moomoo AI
On December 3, 2024, CVS Health announced an offering of Fixed-to-Fixed Rate Series A and B Junior Subordinated Notes, maturing in 2055 and 2054, respectively. The Series A Notes will bear interest from the issuance date to 2030, and the Series B Notes to 2034, with rates reset based on the Five-year U.S. Treasury Rate plus a spread.CVS Health may defer interest payments for up to 10 years, with deferred interest accruing additional interest. The notes are unsecured and subordinated to senior indebtedness, with no established trading market. Proceeds will be used for tender offers and general corporate purposes.The offering is not conditioned on the tender offers' completion. Settlement is expected in December 2024, with delivery through The Depository Trust Company. The notes involve certain risks, including subordination to senior debt and potential interest deferral.
