Biocon Biologics, a subsidiary of Biocon on Thursday said it refinanced $1.1 billion (Rs 9,347 crore) long term debt through USD bonds and new syndicated facility.This includes $800 million (Rs 6,676.3 crore) senior secured notes due 2029 at a coupon of 6.67%.
Biocon Biologics said the refinancing of debt will improve liquidity profile of , provide financial flexibility and opportunity to re-invest the cash into the business. Biocon Biologics has a debt of $1.2 billion taken to fund the acquisition of Viatris Inc.’s biosimilars business
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 company said.
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.
BofA Securities, Citigroup, HSBC…
