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Schering-Plough to Sell Notes

Proceeds will be used to finance its acquisition of Organon BioSciences.



said Wednesday after the market close that it will sell $2 billion in senior notes to help finance its previously announced acquisition of Organon BioSciences.

The company is offering $1 billion in 6% senior notes due 2017 and $1 billion of 6.55% senior notes due 2037 through an underwritten registered public offering that it expects will close on Sept. 17.

According to a Sept. 12 regulatory filing, the company plans to use proceeds to help fund the purchase of Organon BioSciences, the human and animal health care businesses of Netherlands-based Akzo Nobel. On March 12, Schering-Plough announced its

board approved the $14.4 billion acquisition, which it anticipates closing in the second half of this year.

The offering announced today is being made under a shelf registration statement filed with the

Securities and Exchange Commission

on Aug. 2.

Shares of Schering-Plough were up 18 cents, or 0.6%, to $30.56 in after-hours trading.