Eli Lilly Sells $6.75 Billion of Bonds in Seven-Part Deal (4)

Eli Lilly & Co. priced its biggest-ever sale of US investment-grade debt in a deal that includes a 40-year bond, a rarity in a market characterized by high borrowing costs.

The drugmaker sold $6.75 billion of debt in seven parts, with the 40-year tranche yielding 0.73 percentage point above Treasuries, according to a person familiar with the matter. Initial price discussions called for a yield in the area of 1.05 percentage point above the benchmark.

The deal also includes a 30-year portion, as well as maturities ranging from three to 10 years, the person said, asking not to be ...