Merck & Co., Inc.
Unless otherwise indicated, terms used but not defined herein have the meanings assigned to such terms in the preliminary prospectus supplement dated May 8, 2023 (the “Preliminary Prospectus Supplement”).
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Expected Ratings of the Notes:* | | A1 (stable) Moody’s / A+ (stable) S&P | | |
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Trade Date: | | May 8, 2023 | | |
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Settlement Date:** | | May 17, 2023 (T+7) | | |
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Joint Book-Running Managers: | | Morgan Stanley & Co. LLC, BNP Paribas Securities Corp., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BofA Securities, Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and Mizuho Securities USA LLC | | |
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Senior Co-Managers: | | Barclays Capital Inc. and Santander US Capital Markets LLC | | |
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Co-Managers: | | BBVA Securities Inc., Cabrera Capital Markets LLC, CAVU Securities, LLC, DNB Markets, Inc., Drexel Hamilton, LLC, ING Financial Markets LLC, R. Seelaus & Co., LLC, SG Americas Securities, LLC, SMBC Nikko Securities America, Inc., Standard Chartered Bank, Tigress Financial Partners, LLC, U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC | | |
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Title: | | 4.050% Notes due 2028 | | 4.300% Notes due 2030 | | 4.500% Notes due 2033 | | 4.900% Notes due 2044 | | 5.000% Notes due 2053 | | 5.150% Notes due 2063 |
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Size: | | $500,000,000 | | $750,000,000 | | $1,500,000,000 | | $750,000,000 | | $1,500,000,000 | | $1,000,000,000 |
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Maturity Date: | | May 17, 2028 | | May 17, 2030 | | May 17, 2033 | | May 17, 2044 | | May 17, 2053 | | May 17, 2063 |
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Interest Payment Dates: | | May 17 and November 17, commencing November 17, 2023 | | May 17 and November 17, commencing November 17, 2023 | | May 17 and November 17, commencing November 17, 2023 | | May 17 and November 17, commencing November 17, 2023 | | May 17 and November 17, commencing November 17, 2023 | | May 17 and November 17, commencing November 17, 2023 |
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Day Count: | | 30/360 | | | | | | | | | | |
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Coupon: | | 4.050% | | 4.300% | | 4.500% | | 4.900% | | 5.000% | | 5.150% |
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Benchmark Treasury: | | UST 3.500% due April 30, 2028 | | UST 3.500% due April 30, 2030 | | UST 3.500% due February 15, 2033 | | UST 3.875% due February 15, 2043 | | UST 4.000% due November 15, 2052 | | UST 4.000% due November 15, 2052 |
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Treasury Yield: | | 3.498% | | 3.500% | | 3.511% | | 3.926% | | 3.826% | | 3.826% |
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Spread to Benchmark Treasury: | | T+57 bps | | T+82 bps | | T+100 bps | | T+102 bps | | T+120 bps | | T+135 bps |
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Yield to Maturity: | | 4.068% | | 4.320% | | 4.511% | | 4.946% | | 5.026% | | 5.176% |