GSK raises $6.5B in multi-tranche bond offering via US markets

GlaxoSmithKline Capital Inc., a subsidiary of GSK plc (NYSE: GSK), priced a multi-tranche bond offering totaling approximately $6.5 billion in aggregate principal amount, according to a press release statement.

The offering, traded September 8, 2026, with an expected settlement date of September 15, 2026, includes six tranches: $1.25 billion in 4.850% notes due 2029, $1.25 billion in 5.000% notes due 2031, $1.5 billion in 5.250% notes due 2033, $1.5 billion in 5.500% notes due 2036, $500 million in 6.000% notes due 2056, and $500 million in floating rate notes due 2029 priced at compounded SOFR plus 0.560%.

The notes carry anticipated ratings of A2 (stable) from Moody's Investors Service and A (stable) from Standard & Poor's, with GSK plc serving as guarantor. The notes are expected to be listed on the New York Stock Exchange.

Spreads to benchmark Treasuries range from 40 basis points for the 2029 fixed-rate notes to 80 basis points for the 2056 notes. Yields to maturity range from 4.862% on the shortest-dated fixed tranche to 6.053% on the 2056 notes.

Joint book-running managers include BNP Paribas Securities Corp., BofA Securities, Citigroup Global Markets, J.P. Morgan Securities, and Morgan Stanley. Additional joint book-runners include Barclays, Deutsche Bank Securities, Goldman Sachs, HSBC Securities, Mizuho Securities, Santander US Capital Markets, and Standard Chartered Bank.

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