0001193125-21-254013.txt : 20210823 0001193125-21-254013.hdr.sgml : 20210823 20210823162733 ACCESSION NUMBER: 0001193125-21-254013 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 17 CONFORMED PERIOD OF REPORT: 20210823 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210823 DATE AS OF CHANGE: 20210823 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CVS HEALTH Corp CENTRAL INDEX KEY: 0000064803 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-DRUG STORES AND PROPRIETARY STORES [5912] IRS NUMBER: 050494040 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-01011 FILM NUMBER: 211197293 BUSINESS ADDRESS: STREET 1: ONE CVS DR. CITY: WOONSOCKET STATE: RI ZIP: 02895 BUSINESS PHONE: 4017651500 MAIL ADDRESS: STREET 1: ONE CVS DR. CITY: WOONSOCKET STATE: RI ZIP: 02895 FORMER COMPANY: FORMER CONFORMED NAME: CVS CAREMARK CORP DATE OF NAME CHANGE: 20070509 FORMER COMPANY: FORMER CONFORMED NAME: CVS/CAREMARK CORP DATE OF NAME CHANGE: 20070322 FORMER COMPANY: FORMER CONFORMED NAME: CVS CORP DATE OF NAME CHANGE: 19970128 8-K 1 d187995d8k.htm 8-K 8-K
CVS HEALTH Corp false 0000064803 0000064803 2021-08-23 2021-08-23

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 23, 2021

 

 

 

LOGO

CVS HEALTH CORPORATION

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-01011   05-0494040

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

One CVS Drive, Woonsocket, Rhode Island   02895
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code: (401) 765-1500

Former name or former address, if changed since last report: N/A

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange

on which registered

Common Stock, par value $0.01 per share   CVS   New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 


Section 8 - Other Events

 

Item 8.01.

Other Events

On August 23, 2021, CVS Health Corporation, a Delaware corporation (the “Company”), issued press releases announcing the (A) early results of its previously announced cash tender offer (the “Tender Offer”) and (B) pricing of the Tender Offer. The Tender Offer was upsized by increasing the maximum amount of the Tender Offer to $2,049,919,000 (as increased and amended, the “Maximum Amount”) from $2,000,000,000.

Because the Company expects to accept for purchase the Maximum Amount of Notes, no additional Notes are expected to be purchased pursuant to the Tender Offer after August 24, 2021, the early settlement date for such Notes validly tendered and accepted for purchase by the Company.

Copies of the press releases are attached hereto as Exhibits 99.1 and 99.2, which are incorporated by reference herein.

Section 9 - Financial Statements and Exhibits

 

Item 9.01

Financial Statements and Exhibits

 

(d)

Exhibits.

The exhibits to this Current Report on Form 8-K are as follows:

INDEX TO EXHIBITS

 

Exhibit

  

Description

99.1    Press Release of CVS Health Corporation dated August 23, 2021
99.2    Press Release of CVS Health Corporation dated August 23, 2021
104    Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document).


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    CVS HEALTH CORPORATION
Date: August 23, 2021   By:  

/s/ Shawn M. Guertin

    Shawn M. Guertin
    Executive Vice President and Chief Financial Officer
EX-99.1 2 d187995dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

 

Investor    Susie Lisa, CFA       Media    T.J. Crawford
Contact:    Senior Vice President       Contact:    Vice President
   Investor Relations          External Affairs
   (401) 770-4050          (212) 457-0583

FOR IMMEDIATE RELEASE

CVS Health Corporation Announces Early Results and Upsize of Previously Announced Cash Tender Offer

to an Aggregate Principal Amount of $2,049,919,000 from $2,000,000,000

WOONSOCKET, RI, August 23, 2021 – CVS Health Corporation (“CVS Health”, NYSE: CVS) announced today the early results of the previously announced cash tender offer (the “Tender Offer”) and that it is amending the Tender Offer by increasing the aggregate principal amount to $2,049,919,000 (as increased and amended, the “Maximum Amount”) from $2,000,000,000, of its 4.300% Senior Notes due 2028 (the “Notes”).

The Maximum Amount represents the principal amount of the Notes subject to the Tender Offer and excludes any Accrued Interest (as defined below) or Early Tender Payment (as defined below). The Tender Offer is being made upon the terms and subject to the conditions set forth in the Offer to Purchase, dated August 9, 2021 (as amended or supplemented from time to time, the “Offer to Purchase”), which sets forth a detailed description of the Tender Offer. The Tender Offer is open to all registered holders (individually, a “Holder” and collectively, the “Holders”) of the Notes.

 

Title of Notes

   CUSIP
Number
     Early Tender
Payment(1)
   Principal
Amount
Outstanding
     Principal
Amount
Tendered
     Principal
Amount
Expected to be
Accepted for
Purchase(2)
 

4.300% Senior Notes due 2028

     126650 CX6      $30    $ 7,049,919,000      $ 3,353,427,000      $ 2,049,919,000  

 

(1)

Per $1,000 principal amount of Notes validly tendered at or prior to the Early Tender Date and accepted for purchase.

(2)

After application of proration.

The consideration to be paid in the Tender Offer for the Notes validly tendered and expected to be accepted for purchase as described in the Offer to Purchase (the “Total Consideration”) will be determined at 9:00 a.m., New York City time, on August 23, 2021.

As of 5:00 p.m., New York City time, on August 20, 2021 (the “Early Tender Date”), as reported by D.F. King & Co., Inc., the Tender and Information Agent for the Tender Offer, the principal amount of the Notes listed in the table above have been validly tendered and not validly withdrawn. The Withdrawal Deadline of 5:00 p.m., New York City time, on August 20, 2021 has passed and, accordingly, Notes validly tendered in the Tender Offer may no longer be withdrawn.

CVS Health expects to accept for purchase and make payment for Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date on August 24, 2021 (the “Early Settlement Date”), subject to proration. Because the aggregate principal amount of Notes validly tendered exceeds the Maximum Amount, CVS Health expects that it will accept validly tendered Notes on a prorated basis in accordance with the Offer to Purchase.

Because CVS Health expects to accept for purchase the Maximum Amount of Notes, no additional Notes will be purchased pursuant to the Tender Offer after the Early Settlement Date. As described in the Offer to Purchase, all Notes tendered and not accepted for purchase will be promptly returned to the tendering Holder’s account.


Holders of all Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date and accepted for purchase are eligible to receive the Total Consideration, which includes the Early Tender Payment of $30 per $1,000 principal amount of Notes tendered at or prior to the Early Tender Date (the “Early Tender Payment”). In addition to the Total Consideration, Holders of Notes accepted for purchase will receive accrued and unpaid interest up to, but not including, the Early Settlement Date (“Accrued Interest”).

CVS Health expressly reserves the right, in its sole discretion, subject to applicable law, to terminate the Tender Offer at any time prior to the Expiration Date. The Tender Offer is not conditioned on any minimum principal amount of Notes being tendered but the Tender Offer is subject to certain conditions as described in the Offer to Purchase.

CVS Health has retained Barclays Capital Inc., Goldman Sachs & Co. LLC and Wells Fargo Securities, LLC to act as Dealer Managers for the Tender Offer. D.F. King & Co., Inc. has been retained to act as the Tender and Information Agent for the Tender Offer. Requests for assistance relating to the procedures for tendering Notes may be directed to the Tender and Information Agent either by email at cvs@dfking.com, or by phone (212) 269-5550 (for banks and brokers only) or (800) 549-6746 (for all others toll free). Requests for assistance relating to the terms and conditions of the Tender Offer may be directed to Barclays Capital Inc. at (212) 528-7581 (collect) or (800) 438-3242 (toll free), Goldman Sachs & Co. LLC at (212) 902-5962 (collect) or (800) 828-3182 (toll free) and Wells Fargo Securities, LLC at (704) 410-4759 (collect) or (866) 309-6316 (toll free) or via email at liabilitymanagement@wellsfargo.com. Beneficial owners may also contact their broker, dealer, commercial bank, trust company or other nominee for assistance.

This press release does not constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, or the solicitation of tenders with respect to, the Notes. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful. The Tender Offer is being made solely pursuant to the Offer to Purchase made available to Holders of the Notes. None of CVS Health, the Dealer Managers, Tender and Information Agent or the trustees with respect to the Notes, or any of their respective affiliates, is making any recommendation as to whether or not Holders should tender or refrain from tendering all or any portion of their Notes in response to the Tender Offer. Holders are urged to evaluate carefully all information in the Offer to Purchase, consult their own investment and tax advisers and make their own decisions whether to tender Notes in the Tender Offer, and, if so, the principal amount of Notes to tender.

About CVS Health

CVS Health is the leading health solutions company, delivering care in ways no one else can. We reach more people and improve the health of communities across America through our local presence, digital channels and our nearly 300,000 dedicated colleagues – including more than 40,000 physicians, pharmacists, nurses, and nurse practitioners. Wherever and whenever people need us, we help them with their health – whether that’s managing chronic diseases, staying compliant with their medications, or accessing affordable health and wellness services in the most convenient ways. We help people navigate the health care system – and their personal health care – by improving access, lowering costs and being a trusted partner for every meaningful moment of health. And we do it all with heart, each and every day. Learn more at www.cvshealth.com.

Cautionary Statement Concerning Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of CVS Health Corporation. By their nature, all forward-looking statements are not guarantees of future performance or results and are subject to risks and uncertainties that are difficult to predict and/or quantify. Actual results may differ materially from those contemplated by the forward-looking statements for a number of reasons as described in our Securities and Exchange Commission filings, including those set forth in the Risk Factors section and under the heading “Cautionary Statement Concerning Forward-Looking Statements” in our most recently filed Annual Report on Form 10-K, our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021 and our recently filed Current Reports on Form 8-K.

You are cautioned not to place undue reliance on CVS Health’s forward-looking statements. CVS Health’s forward-looking statements are and will be based upon management’s then-current views and assumptions regarding future events and operating performance, and are applicable only as of the dates of such statements. CVS Health does not assume any duty to update or revise forward-looking statements, whether as a result of new information, future events, uncertainties or otherwise.

 

2

EX-99.2 3 d187995dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

 

LOGO

 

Investor   Susie Lisa, CFA       Media   T.J. Crawford
Contact:   Senior Vice President       Contact:   Vice President
  Investor Relations         External Affairs
  (401) 770-4050         (212) 457-0583

FOR IMMEDIATE RELEASE

CVS Health Corporation Announces Pricing of Tender Offer

WOONSOCKET, RI, August 23, 2021 – CVS Health Corporation (“CVS Health”, NYSE: CVS) announced today the Reference Yield and Total Consideration (each as summarized in the table below) to be paid in connection with the previously announced cash tender offer (the “Tender Offer”) for up to $2,049,919,000 principal amount (the “Maximum Amount”), of its 4.300% Senior Notes due 2028 (the “Notes”).

The Maximum Amount represents the principal amount of the Notes subject to the Tender Offer and excludes any Accrued Interest (as defined below) or Early Tender Payment (as defined below). The Tender Offer is being made upon the terms and subject to the conditions set forth in the Offer to Purchase, dated August 9, 2021 (as amended or supplemented from time to time, the “Offer to Purchase”), which sets forth a detailed description of the Tender Offer. The Tender Offer is open to all registered holders (individually, a “Holder” and collectively, the “Holders”) of the Notes.

The Reference Yield for the Notes and the Total Consideration for the Notes are summarized in the table below:

 

Title of Notes

  

CUSIP
Number

  

UST Reference
Security

  

Fixed Spread
(bps)

  

Reference Yield

  

Total
Consideration(1)

4.300% Senior Notes due 2028

   126650 CX6    1.625% UST due 5/15/2031    35   

1.250%

  

$1,162.08

 

(1)

Per $1,000 principal amount of Notes validly tendered at or prior to the Early Tender Date and accepted for purchase.

The Total Consideration for each $1,000 principal amount of the Notes was determined in the manner described in the Offer to Purchase by reference to the fixed spread set forth in the table above plus the yield to maturity of the U.S. Treasury reference security (the “UST Reference Security”) set forth in the table above on the bid-side price of such UST Reference Security as of 9:00 a.m., New York City time, on August 23, 2021.

The Notes validly tendered and not validly withdrawn at or prior to 5:00 p.m., New York City time, on August 20, 2021 (the “Early Tender Date”) will be eligible to receive the Total Consideration, which includes the Early Tender Payment of $30 per $1,000 principal amount of Notes.

CVS Health expects to accept for purchase and make payment for Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date on August 24, 2021 (the “Early Settlement Date”).

Holders of all Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date and accepted for purchase are eligible to receive the Total Consideration, which includes the Early Tender Payment of $30 per $1,000 principal amount of Notes tendered at or prior to the Early Tender Date (the “Early Tender Payment”). In addition to the Total Consideration, Holders of Notes accepted for purchase will receive accrued and unpaid interest up to, but not including, the Early Settlement Date (“Accrued Interest”).

Because the aggregate principal amount of Notes validly tendered would exceed the Maximum Amount, CVS Health expects that it will accept validly tendered Notes on a prorated basis in accordance with the Offer to Purchase.


Because CVS Health expects to accept for purchase the Maximum Amount of Notes, no additional Notes will be purchased pursuant to the Tender Offer after the Early Settlement Date. As described in the Offer to Purchase, Notes tendered and not accepted for purchase will be promptly returned to the tendering Holder’s account.

CVS Health expressly reserves the right, in its sole discretion, subject to applicable law, to terminate the Tender Offer at any time prior to the Expiration Date. The Tender Offer is not conditioned on any minimum principal amount of Notes being tendered but the Tender Offer is subject to certain conditions as described in the Offer to Purchase.

CVS Health has retained Barclays Capital Inc., Goldman Sachs & Co. LLC and Wells Fargo Securities, LLC to act as Dealer Managers for the Tender Offer. D.F. King & Co., Inc. has been retained to act as the Tender and Information Agent for the Tender Offer. Requests for assistance relating to the procedures for tendering Notes may be directed to the Tender and Information Agent either by email at cvs@dfking.com, or by phone (212) 269-5550 (for banks and brokers only) or (800) 549-6746 (for all others toll free). Requests for assistance relating to the terms and conditions of the Tender Offer may be directed to Barclays Capital Inc. at (212) 528-7581 (collect) or (800) 438-3242 (toll free), Goldman Sachs & Co. LLC at (212) 902-5962 (collect) or (800) 828-3182 (toll free) and Wells Fargo Securities, LLC at (704) 410-4759 (collect) or (866) 309-6316 (toll free) or via email at liabilitymanagement@wellsfargo.com. Beneficial owners may also contact their broker, dealer, commercial bank, trust company or other nominee for assistance.

This press release does not constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, or the solicitation of tenders with respect to, the Notes. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful. The Tender Offer is being made solely pursuant to the Offer to Purchase made available to Holders of the Notes. None of CVS Health, the Dealer Managers, Tender and Information Agent or the trustees with respect to the Notes, or any of their respective affiliates, is making any recommendation as to whether or not Holders should tender or refrain from tendering all or any portion of their Notes in response to the Tender Offer. Holders are urged to evaluate carefully all information in the Offer to Purchase, consult their own investment and tax advisers and make their own decisions whether to tender Notes in the Tender Offer, and, if so, the principal amount of Notes to tender.

About CVS Health

CVS Health is the leading health solutions company, delivering care in ways no one else can. We reach more people and improve the health of communities across America through our local presence, digital channels and our nearly 300,000 dedicated colleagues – including more than 40,000 physicians, pharmacists, nurses, and nurse practitioners. Wherever and whenever people need us, we help them with their health – whether that’s managing chronic diseases, staying compliant with their medications, or accessing affordable health and wellness services in the most convenient ways. We help people navigate the health care system – and their personal health care – by improving access, lowering costs and being a trusted partner for every meaningful moment of health. And we do it all with heart, each and every day. Learn more at www.cvshealth.com.

Cautionary Statement Concerning Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of CVS Health Corporation. By their nature, all forward-looking statements are not guarantees of future performance or results and are subject to risks and uncertainties that are difficult to predict and/or quantify. Actual results may differ materially from those contemplated by the forward-looking statements for a number of reasons as described in our Securities and Exchange Commission filings, including those set forth in the Risk Factors section and under the heading “Cautionary Statement Concerning Forward-Looking Statements” in our most recently filed Annual Report on Form 10-K, our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021 and our recently filed Current Reports on Form 8-K.

You are cautioned not to place undue reliance on CVS Health’s forward-looking statements. CVS Health’s forward-looking statements are and will be based upon management’s then-current views and assumptions regarding future events and operating performance, and are applicable only as of the dates of such statements. CVS Health does not assume any duty to update or revise forward-looking statements, whether as a result of new information, future events, uncertainties or otherwise.

 

2

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Document and Entity Information
Aug. 23, 2021
Cover [Abstract]  
Entity Registrant Name CVS HEALTH Corp
Amendment Flag false
Entity Central Index Key 0000064803
Document Type 8-K
Document Period End Date Aug. 23, 2021
Entity Incorporation State Country Code DE
Entity File Number 001-01011
Entity Tax Identification Number 05-0494040
Entity Address, Address Line One One CVS Drive
Entity Address, City or Town Woonsocket
Entity Address, State or Province RI
Entity Address, Postal Zip Code 02895
City Area Code (401)
Local Phone Number 765-1500
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Common Stock, par value $0.01 per share
Trading Symbol CVS
Security Exchange Name NYSE
Entity Emerging Growth Company false
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