Eli Lilly Sells Seven-Part Bond Deal With Rare 40-Year Tranche

Eli Lilly and Co. returned to the US investment-grade debt market on Monday with a seven-part offering that features a 40-year bond, a maturity seldom seen since borrowing costs began climbing. The Indianapolis-based drugmaker did not immediately disclose the total size of the transaction, but market participants said the long-dated tranche stands out in a market where most issuers avoid extending duration. Proceeds are expected to support general corporate purposes and bolster liquidity as Lilly expands its pipeline of weight-loss and diabetes medicines. The deal follows a sharp rally in Lilly’s shares, which have gained roughly $100 in the past week and recently traded near $710, underscoring investor confidence in the company’s growth prospects despite higher funding costs.