Express Scripts, Inc. (Nasdaq: ESRX - News) announced that it is commencing a public offering of senior notes of a benchmark size pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission ("SEC"). The Company intends to use the net proceeds from this offering of senior notes, along with the net proceeds from its previously announced public offering of 23,000,000 shares of its common stock (or 26,450,000 shares if the underwriters exercise their option to purchase additional shares in full), to pay a portion of the $4.675 billion purchase price for the previously announced acquisition of WellPoint's pharmacy benefit management business. The acquisition is expected to close in the late third quarter or fourth quarter of 2009.
Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and J.P. Morgan Securities Inc. will act as joint bookrunning managers of the debt offering.
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