Cencora, Inc. completed the sale of $3.0 billion aggregate principal amount of Senior Notes across five tranches with maturities from 2029 to 2056, with the net proceeds intended to repay amounts outstanding under its 364-Day Term Credit Agreement used to fund the OneOncology acquisition and for general corporate purposes.
Key takeaways
Cencora issued $3.0 billion in Senior Notes across five tranches: $500 million 3.950% notes due 2029, $500 million 4.250% notes due 2030, $500 million 4.600% notes due 2033, $1.0 billion 4.900% notes due 2036, and $500 million 5.650% notes due 2056.
The notes are unsecured and unsubordinated obligations of the Company, ranking equal with existing and future unsecured and unsubordinated debt, but are structurally subordinated to indebtedness of the Company's subsidiaries.
The Indentures limit the Company's ability to create liens, enter into sale and leaseback transactions, and merge or sell substantially all assets, and include events of default such as nonpayment of principal or interest and certain bankruptcy events.
The net proceeds from the offering are intended to repay amounts outstanding under Cencora's 364-Day Term Credit Agreement, dated January 12, 2026, which funded a portion of the OneOncology acquisition, with any remaining proceeds for general corporate purposes.
The offering closed on February 13, 2026, and was made pursuant to an effective shelf registration statement filed with the SEC on November 26, 2024, with joint book-running managers including Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BofA Securities, Inc., and Wells Fargo Securities, LLC.