Biocon Biologics refinances USD 1.1 billion long term debt through USD Bonds new syndicated facility
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Bengaluru: Biocon Biologics Limited, a subsidiary of Biocon Limited, has announced the successful pricing of Biocon Biologics' debut USD 800 million (INR 66,763 million) senior secured Notes due 2029 at a coupon of 6.67%. The Bonds will be issued by Biocon Biologics Global plc which is a wholly owned subsidiary of BBL and will be backed by a strong security package. The Bonds are expected to be rated BB by both S&P and Fitch and will be listed on the Singapore Stock Exchange. The transaction is expected to settle on October 09, 2024 subject to customary closing conditions.
Key Transaction Highlights:
• Debut USD bond issuance from Biocon Group
• First USD bond issuance by a biopharmaceutical company in Asia Pacific
• Largest debut issuance from a high yield rated issuer from India in the past 10 years
• Robust participation from top marquee real money investors globally – testament to BBL’s strong credit profile and investor confidence in its growth potential
• Peak orderbook in excess of USD 2.5 billion (INR 208,634 million) demonstrating an oversubscription of over 3x of the issue size
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