People walk into a CVS Health Corp. store in Washington, D.C.

CVS Health Corp. is talking to investors about possibly selling as much as US$2.5 billion of bonds, according to people with knowledge of the matter.

The healthcare company asked Barclays Plc, Citigroup Inc., and Goldman Sachs Group Inc. to arrange investor calls on Monday, according to a person with knowledge of the matter. The new debt sale could come as soon as today, and is expected to be in the $2 billion to $2.5 billion range, said people asking not to be identified because the discussions are private. The securities will be hybrids—meaning they have characteristics of both debt and equity as far as ratings agencies are concerned.

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