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ABBVIE INC. : Other Events, Financial Statements and Exhibits (form 8-K)

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11/18/2019 | 08:23am EST

Item 8.01. Other Events.

On November 18, 2019, AbbVie Inc. ("AbbVie") issued a press release announcing that it has extended the expiration date of its previously announced (i) offers to exchange (each, an "Exchange Offer" and, collectively, the "Exchange Offers") any and all outstanding notes of certain series issued by Allergan Finance, LLC ("Allergan Finance"), Allergan, Inc. ("Allergan Inc"), Allergan Sales, LLC ("Allergan Sales") and Allergan Funding SCS ("Allergan Funding" and, together with Allergan Finance, Allergan Inc and Allergan Sales, "Allergan") (the "Allergan Notes") for new notes to be issued by AbbVie (the "AbbVie Notes") and (ii) related consent solicitations (each, a "Consent Solicitation" and, collectively, the "Consent Solicitations") being made by AbbVie on behalf of Allergan to adopt certain amendments (the "Amendments") to eliminate substantially all of the covenants, restrictive provisions, events of default and any guarantees of the related Allergan Notes in each of the indentures governing the Allergan Notes.

AbbVie extended such expiration date from 11:59 p.m., New York City time, on November 22, 2019 to 5:00 p.m., New York City time, on December 31, 2019 (as the same may be further extended, the "Expiration Date").

The Exchange Offers and Consent Solicitations were commenced in connection with AbbVie's proposed acquisition of Allergan plc (the "Acquisition") and are being made pursuant to the terms and subject to the conditions set forth in the confidential offering memorandum and consent solicitation statement, dated October 25, 2019, and the related letter of transmittal, each as amended by the attached press release. The Exchange Offers and Consent Solicitations are conditioned upon the consummation of the Acquisition, which condition may not be waived by AbbVie, and certain other conditions that may be waived by AbbVie.

The settlement date of the Exchange Offers and Consent Solicitations is expected to occur promptly after the Expiration Date and the Expiration Date of each of the Exchange Offers is expected to be extended to occur on or about the closing date of the Acquisition, which is expected to occur in early 2020. As a result, the Expiration Date may be further extended one or more times. AbbVie currently anticipates providing notice of any such extension in advance of the Expiration Date.

Supplemental indentures effecting the Amendments were executed on November 7, 2019. Such supplemental indentures will become operative only upon settlement of the Exchange Offers.

The AbbVie Notes offered in the Exchange Offers have not been registered under the Securities Act of 1933, as amended, or any state securities laws. Therefore, the AbbVie Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933, as amended, and any applicable state securities laws.

A copy of the press release issued by AbbVie is attached as Exhibit 99.1 hereto and is incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

  No.      Exhibit
  99.1       Press Release dated November 18, 2019.

           The cover page from this Current Report on Form 8-K formatted in Inline
  104      XBRL (included as Exhibit 101).


© Edgar Online, source Glimpses

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Financials (USD)
Sales 2019 33 293 M
EBIT 2019 15 768 M
Net income 2019 8 578 M
Debt 2019 30 704 M
Yield 2019 4,94%
P/E ratio 2019 14,6x
P/E ratio 2020 10,1x
EV / Sales2019 4,79x
EV / Sales2020 4,05x
Capitalization 129 B
Duration : Period :
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Technical analysis trends ABBVIE
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Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 95,18  $
Last Close Price 86,98  $
Spread / Highest target 49,5%
Spread / Average Target 9,43%
Spread / Lowest Target -6,88%
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Richard A. Gonzalez Chairman & Chief Executive Officer
Michael E. Severino Vice Chairman & President
Azita Saleki-Gerhardt Executive Vice President-Operations
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