Abbott Labs Plans $10 Bln Bond Sale (Fox News)

Part of proceeds would fund companys spin-off of pharmaceuticals unit.

By Treasury and Risk | October 29, 2012 at 06:34 AM

Abbott Laboratories plans to sell more than $10 billion of fixed-income securities this week, according to Fox News, as it prepares to spin off its pharmaceutical operations into a new company, AbbVie.

Abbott announced Friday that it was offering to buy back up to $7.7 billion in nine outstanding debt issues that mature between 2014 and 2040. It said that its subsidiary, AbbVie, will sell debt and use the proceeds to pay Abbott a dividend.

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