Davis Polk advised Aetna Inc. on its SEC-registered notes offering of $13 billion aggregate principal amount of senior notes in eight series, consisting of $500 million aggregate principal amount of its floating-rate notes due 2017, $1 billion aggregate principal amount of its 1.700% senior notes due 2018, $1.65 billion aggregate principal amount of its 1.900% senior notes due 2019, $1.85 billion aggregate principal amount of its 2.400% senior notes due 2021, $1.3 billion aggregate principal amount of its 2.800% senior notes due 2023, $2.8 billion aggregate principal amount of its 3.200% senior notes due 2026, $1.5 billion aggregate principal amount of its 4.250% senior notes due 2036 and $2.4 billion aggregate principal amount of its 4.375% senior notes due 2046. Aetna intends to use the net proceeds of the offering to partially finance its acquisition of Humana Inc.

Aetna is one of the nation’s leading diversified health care benefits companies, serving people with information and resources to help them, in consultation with their health care professionals, make better informed decisions about their health care. It offers a broad range of traditional, voluntary and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioral health, group life and disability plans, medical management capabilities, Medicaid health care management services, Medicare Advantage and Medicare Supplement plans, workers’ compensation administrative services and health information technology products and services, such as Accountable Care Solutions.

The Davis Polk capital markets team included partner Richard J. Sandler and associates Shane Tintle, Christopher M. Bezeg and Zuo (Zoey) Yi. Partner Rachel D. Kleinberg and associates William A. Curran and Erin Harvey provided tax advice. Members of the Davis Polk team are based in the New York and Northern California offices.

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