Abbott launches massive bond issue to fuel split

Abbott ($ABT) will offer as much as $7.7 billion in bonds to help support its split into separate drug and medical device companies, Bloomberg reports. AbbVie, which is raising the debt, will be spun out to house the company's pharmaceutical business. AbbVie expects to raise just under $16 billion of debt overall in the next few weeks, and will pay $8.5 billion in cash to Abbott to help it reduce debt, according to the article. Abbott will retain the device, diagnostics and nutritional products businesses. Story

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