Cencora Issues $3 Billion in Unsecured Notes to Refinance OneOncology Acquisition Debt

Cencora (COR) has successfully priced $3 billion in senior unsecured notes across five tranches, with maturities ranging from 2029 to 2056. The pharmaceutical services company expects to receive approximately $2.98 billion in net proceeds from this offering. These funds are primarily earmarked for the repayment of an existing $3.0 billion term loan facility. This term loan was initially utilized to finance Cencora's acquisition of OneOncology. The strategic move aims to significantly strengthen Cencora's capital structure and extend its overall debt maturity profile. Furthermore, the issuance is expected to deepen the company's relationships with its banking partners.