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This excerpt taken from the BIIB 10-Q filed Apr 17, 2009. Financing
activities
Cash used in financing activities for the three months ended
March 31, 2009 was $66.9 million compared to
$787.5 million for the three months ended March 31,
2008. The decrease was due, principally, to the repayment of our
term loan facility of $1.5 billion in 2008, and a reduction
in the amounts of our common stock repurchased as compared to
the same period in 2008.
This excerpt taken from the BIIB 10-K filed Feb 6, 2009. Financing
activities
In 2008, 2007, and 2006, net cash used in financing activities
was $1,236.7 million, $735.2 million, and
$148.4 million, respectively.
The primary increase in use of cash in 2008 was the repayment of
our term loan facility of $1,500.0 million, and the
purchase of our common stock of $738.9 million, offset in
part by the issuance of long-term debt, net, of
$987.0 million, and proceeds of $178.5 million
relating to the exercise of stock options and purchases of our
stock under our share based compensation arrangements.
In 2007, the primary use of cash related to the repurchase of
treasury stock via the tender offer of $2,990.5 million.
This repurchase was partially funded with cash proceeds from a
short-term note of $1,500.0 million. This transaction is
described in Note 21, Tender Offer. Additionally, cash
proceeds from issuance of stock for our share based compensation
arrangements were $489.2 million, which was primarily
attributable to the exercise of stock options and participation
in our ESPP plan. The change in balance of collateral received
under securities lending is reflected as a use of cash in
investing activities offset by a source of cash from financing
activities.
In 2006, the primary use of cash was $320.3 million for the
purchase of treasury stock, offset by $147.0 million in
proceeds from issuance of stock for our share based compensation
arrangements.
This excerpt taken from the BIIB 10-Q filed Oct 21, 2008. Financing
activities
Cash used in financing activities in the nine months ended
September 30, 2008 was $902.8 million compared to cash
provided of $1,228.9 million in the nine months ended
September 30, 2007. The increase in use of cash was due,
principally, to the repayment of our term loan facility of
$1.5 billion, and the purchase of our common stock of
$559.8 million, offset in part by the issuance of long-term
debt, net, of $987.0 million, and proceeds of
$167.0 million relating to the exercise of stock options
and purchases of our stock under our employee stock purchase
plan.
This excerpt taken from the BIIB 10-Q filed Jul 22, 2008. Financing
activities
Cash used in financing activities in the six months ended
June 30, 2008 was $1,037.7 million compared to cash
provided of $88.8 million in the six months ended
June 30, 2007. The increase in use of cash was due,
principally, to the repayment of our term loan facility of
$1.5 billion, a decrease in our securities lending
obligations of $61.3 million and the purchase of our common
stock of $559.8 million, offset in part by the issuance of
long-term debt, net, of $987.0 million, and proceeds of
$89.5 million relating to the exercise of stock options and
purchases of our stock under our employee stock purchase plan.
This excerpt taken from the BIIB 10-Q filed Apr 23, 2008. Financing
activities
Cash used in financing activities in the three months ended
March 31, 2008 was $787.5 million compared to cash
provided of $24.4 million in the three months ended
March 31, 2007. The increase in use of cash was due,
principally, to the repayment of our term loan facility of
$1.5 billion, a decrease in our securities lending
obligations of $83.5 million and the purchase of our common
stock of $240.2 million, offset in part by the issuance of
long-term debt, net, of $986.9 million, and proceeds of
$28.3 million relating to the exercise of stock options.
This excerpt taken from the BIIB 10-K filed Feb 14, 2008. Financing
activities
In 2007, 2006 and 2005, net cash used in financing activities
was $735.2 million, $148.4 million and
$948.5 million, respectively.
In 2007, the primary use of cash related to the repurchase of
treasury stock via the tender offer of $2,990.5 million.
This repurchase was partially funded with cash proceeds from a
short-term note of $1,500.0 million. This transaction is
described in Note 20, Tender Offer. Additionally, cash
proceeds from issuance of stock for our share based compensation
arrangements were $489.2 million, which was primarily
attributable to the exercise of stock options and participation
in our ESPP plan. The charge in balance of collateral received
under securities lending is reflected as a use of cash in
investing activities offset by a source of cash from financing
activities.
In 2006, the primary use of cash was $320.3 million for the
purchase of treasury stock, offset by $147.0 million in
proceeds from issuance of stock for our share based compensation
arrangements.
The primary uses of cash in 2005 were for the repurchase of
long-term debt of $746.4 million and repurchases of
treasury stock of $322.6 million, offset by
$119.6 million cash proceeds from the issuance of stock for
our share based compensation arrangements.
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This excerpt taken from the BIIB 10-Q filed Oct 23, 2007. Financing
activities
Cash used in financing activities in the nine months ended
September 30, 2007 was $1,228.9 million compared to
cash used of $217.0 million in the nine months ended
September 30, 2006. The increase was due, principally, to
the purchase of common stock via tender offer of
$3.0 billion, which was partially funded with cash proceeds
from a loan facility of $1.5 billion. This transaction is
more fully described in Note 15, “Tender Offer.”
Additionally, we received proceeds of $247.4 million
relating to the exercise of stock options.
This excerpt taken from the BIIB 10-Q filed Jul 24, 2007. Financing
activities
Cash provided by financing activities in the six months ended
June 30, 2007 was $88.8 million compared to cash
provided of $94.3 million in the six months ended
June 30, 2006. The decrease was due, principally, to the
repurchase of senior notes and lower proceeds from loans offset
by an increase in proceeds from the issuance of stock for share
based payment arrangements.
This excerpt taken from the BIIB 10-Q filed May 3, 2007. Financing
activities
Cash provided by financing activities during the three months
ended March 31, 2007 was $24.4 million compared to
cash provided of $83.7 million in the three months ended
March 31, 2006. The decrease was due, principally, to lower
proceeds from the issuance of stock for share based payment
arrangements in the three months ended March 31, 2007,
as compared to the comparable period of 2006.
This excerpt taken from the BIIB 10-K filed Feb 21, 2007. Financing
activities
In 2006, 2005, and 2004, net cash used in financing activities
was $148.4 million, $948.5, and $451.0 million,
respectively.
In 2006, the primary use of cash was $320.3 million for
repurchase of common stock under our stock repurchase program,
offset by $147.0 million in proceeds from the issuance of
treasury stock in connection with stock based compensation
arrangements. The primary uses of cash in 2005 were for the
repurchase of senior notes
Table of Contents
of $746.4 million and $322.6 million for repurchase of
common stock under our stock repurchase program, offset by
$119.6 million for issuance of treasury stock in connection
with stock based compensation arrangements.
In 2004, the major use of cash was for the purchase of treasury
stock of $734.4 million offset by cash inflows from the
issuance of both common and treasury stock for stock based
compensation arrangements of $273.5 million.
In April and May 2002, we raised approximately $696 million
through the issuance of our senior notes, net of underwriting
commissions and expenses of $18.4 million. The senior notes
are zero coupon and were priced with a yield to maturity of
1.75% annually. On April 29, 2005, holders of 99.2% of the
outstanding senior notes exercised their right under the
indenture governing the senior notes to require us to repurchase
their senior notes. On May 2, 2005, we paid
$746.4 million in cash to repurchase those senior notes
with an aggregate principal amount at maturity of approximately
$1.2 billion. The purchase price for the senior notes was
$624.73 in cash per $1,000 principal amount at maturity, and was
based on the requirements of the indenture and the senior notes.
Additionally, we made a cash payment in 2005 of approximately
$62 million for the payment of tax related to additional
deductible interest expense for which deferred tax liabilities
had been previously established. As of December 31, 2006,
our remaining indebtedness under the senior notes was
approximately $10.2 million at maturity.
In February 1999, we raised approximately $113 million
through the issuance of our subordinated notes, net of
underwriting commissions and expenses of $3.9 million. The
subordinated notes are zero coupon and were priced with a yield
to maturity of 5.5% annually. Upon maturity, the subordinated
notes would have had an aggregate principal face value of
$345.0 million. As of December 31, 2006, our remaining
indebtedness under the subordinated notes was approximately
$75.4 million at maturity, due to conversion of
subordinated notes into common stock.
Each $1,000 aggregate principal face value subordinated note is
convertible at the holder’s option at any time through
maturity into 40.404 shares of our common stock at an
initial conversion price of $8.36 per share. During 2005,
holders of the subordinated notes with a face value of
approximately $143.8 million elected to convert their
subordinated notes to approximately 5.8 million shares of
our common stock. The remaining holders of the subordinated
notes may require us to purchase the subordinated notes on
February 16, 2009 or 2014 at a price equal to the issue
price plus accrued original issue discount to the date of
purchase with us having the option to repay the subordinated
notes plus accrued original issue discount in cash, common stock
or a combination of cash and stock.
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