This excerpt taken from the LLY 8-K filed Sep 8, 2005.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On September 7, 2005, Eli Lilly Services, Inc. (the "Issuer"), an indirect wholly owned finance subsidiary, organized in the British Virgin Islands, of Eli Lilly and Company (the "Company"), entered into a Purchase Agreement among the Issuer, the Company and the initial purchasers named therein, pursuant to which the Issuer will issue $1,500,000,000 of its Floating Rate Notes due 2008 (the "Notes"). The Company will fully and unconditionally guarantee payments of the principal of and interest on the Notes. The Notes are expected to be issued on or about September 14, 2005.