Amgen Inc. Proposes Sale of Debt Securities

Amgen Inc. said it plans to periodically sell up to $200 million of debt securities, with terms to be determined by market conditions.

The Thousand Oaks-based biotechnology concern said it would use the proceeds for general corporate purposes.

Amgen has become the nation’s leading biotechnology company on the strength of its first two marketable drugs, and has relatively little long-term debt--$12 million. The additional debt securities sales would, among other things, help Amgen finance its research and development of new products.

Standard & Poor’s Corp., the credit-rating agency, assigned a preliminary “A” rating to Amgen’s proposed debt. The rating reflects Amgen’s current “cash flows in excess of ongoing spending needs,” S&P; said.

Separately, S&P; said Amgen’s common stock will be added to S&P;’s 500 composite stock index, a widely followed gauge of the stock market. Amgen will assume a vacancy in the index created by the pending merger of two banks, C&S;/Sovran Corp. and NCNB Corp., into the newly created NationsBank.