Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Stock Report

| More

Biocon Biologics Refinances USD 1.1 Billion Long Term Debt through USD Bonds and New Syndicated Facility

Posted On: 2024-10-03 19:22:55 (Time Zone: IST)


Biocon Biologics Limited ("BBL" and "Company"), a subsidiary of Biocon Limited (BSE code: 532523, NSE: BIOCON), today 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

- The final orderbook is well diversified in terms of investor type across fund managers, institutions, banks, and others as well as geography with the U.S. constituting 47%, EMEA 27% and Asia 26%

BofA Securities, Citigroup, HSBC and Standard Chartered Bank acted as Joint Global Coordinators, Lead Managers and Bookrunners and BNP PARIBAS and Mizuho acted as Joint Lead Managers and Bookrunners.

Additionally, Biocon Biologics has entered into a commitment agreement for a new syndicated debt facility. The proceeds of the Bonds, together with the new syndicated debt facility being raised, will be used to substantially re-finance existing debt of USD 1.1 billion (INR 93,468 million) which will help improve the Company's liquidity profile, provide financial flexibility and opportunity to re-invest the cash into the business.

Shreehas Tambe, CEO and Managing Director, Biocon Biologics, said, "This strategic refinancing underscores our commitment to enhance financial flexibility, fuels Biocon Biologics' long-term growth and is core to the consolidation phase of our business. We expect this transaction to strengthen our capital structure and allow us to re-deploy investments into the business, including advancing our differentiated pipeline of biosimilars. It will also enable us to diversify our investor base to include marquee global funds and healthcare investors who seek to participate in Biocon Biologics' growth story."

Kedar Upadhye, Chief Financial Officer, Biocon Biologics, said, "The refinancing of our debt through Bonds and syndicated term loans demonstrates strong financial flexibility and continued access to a diversified pool of capital. This successful debut bond issuance by Biocon Group at a global level highlights the strong credit profile of the biosimilars business. As part of this issuance, the Company went through a robust rating exercise from leading international agencies with the bonds expected to be rated as "BB" from both S&P and Fitch."

Shares of Biocon Limited was last trading in BSE at Rs. 370.40 as compared to the previous close of Rs. 363.05. The total number of shares traded during the day was 75943 in over 1326 trades.

The stock hit an intraday high of Rs. 371.85 and intraday low of 361.20. The net turnover during the day was Rs. 27869378.00.


Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Infosys and Linux Foundation Networking Collaborate to Strengthen Responsible AI for Global Networks

ITC announces strategic acquisition of Pulp & Paper Undertaking of Aditya Birla Real Estate Limited

AGI Greenpac Ltd approves ~ Rs. 700 crore capex

NHPC Ltd updates on 300 MW Bikaner Solar Power Project

Prashant India Ltd enters into agreement for sale with Shantilon Poly Pvt Ltd

Trent Limited crosses operating portfolio of over 1000 fashion stores

Aditya Birla Capital Limited completes amalgamation of Aditya Birla Finance Limited

Cantabil Retail India Ltd opens 13 new showrooms

Kalpataru Projects International Ltd receives orders worth Rs. 621 crores

HCLTech elevates Public Sector expertise with launch of US subsidiary

India Glycols Limited adds 200 KLPD Ethanol capacity

FY 2024-25: Despite Supply Chain Woes, HAL Registers Revenue of Rs 30,400 Crores, Builds Capacities

Loyal Textile Mills Ltd sells part of its windmill units for Rs. 73.80 crores

Aditya Birla Real Estate Ltd streamlines portfolio - Divests Century Pulp and Paper undertaking for Rs. 3498 Cr

Artefact Projects Limited awarded project worth Rs. 241.63 lakh

Gennova Advances Pathbreaking AI-Enhanced saRNA Vaccine for one of the deadliest known viruses in collaboration with CEPI

Avenue Supermarts Ltd opens 3 new stores, increases store count to 415

Coastal Biotech Pvt Ltd starts trial runs at its Ethanol Plant

Walchandnagar Industries Limited receives contract worth Rs. 30.75 crores

GRSE Records 32 % YoY growth in the FY25

AGI Greenpac Limited to set up new Container Glass Plant in Madhya Pradesh

Triton Valves Limited signs contract with Robert Bosch GmBH

Jyoti Ltd to allot 59,63,636 shares to Rare Asset Reconstruction ltd

Avantel Ltd receives order worth Rs. 11.36 crores

Kohinoor Foods Ltd to sell rice factory for Rs. 190 crores as part of OTS

Aditya Vision Limited opens 4 showrooms at Jharkhand and UP

DCM Shriram Limited commissions new caustic soda flakes plant

Asian Granito India Limited receives IT demand notice

Newgen Software Inc. inks agreement for order worth USD 1,270,000

Blue Jet Healthcare Ltd receives demand notice from IT department for Rs. 1,93,38,55,250/- including interest

LTIMindtree announces strategic partnership with Google Cloud to drive Business Transformation with Agentic AI

NHPC commissions 3 units of Parbati-II HE project

ixigo announces APRIL FULL REFUND SALE for 1st April - 100 Lucky Travellers To Win 100% Refund on Flight Bookings

Engineers India Ltd receives orders worth Rs. 245 crores

Blue Star appoints Mohit Sud as Group President, Unitary Cooling Products

Jyoti Ltd receives Rs. 108.17 crores IT demand notice for AY 2020-21

HBL Engineering Limited receives Kavach contracts worth Rs. 762.56 crores

SPARC announces submission of IND Application for SBO-154 to USFDA

Hon'ble PM Shri Narendra Modi visits Solar Defence and Aerospace Ltd's facilities

Avenue Supermarts Ltd's store count increases to 412, opens 4 new stores today

Tera Software Ltd receives LOIs worth Rs. 273.2 crores from MVVNL

JSW Steel Ltd declared successful bidder by BCCL in the auction of Dugda Coal Washery in the State of Jharkhand

IRM Energy Ltd secures 5-Year RLNG supply agreement with Gujarat State Petroleum Corporation Limited

Uno Minda Strengthens Governance, appoints Ravi Mehra as Managing Director, and Expands Board Expertise

Manoj Vaibhav Gems 'N' Jewellers Ltd opens new Jewellery store at Narsipatnam

Income Tax Authority imposes penalty of Rs. 944.20 crore on InterGlobe Aviation Limited

Tejas Networks Ltd receives Rs. 189.1657 crore under PLI scheme

Nitco Ltd expects Rs. 100 crores on receipt of property from development of Leasehold Rights

Fusion Finance Limited fixes April 4, 2025 as record date for 55:91 rights issue

JM Financial Limited invests in rights issue of JM Financial Asset Management Ltd


Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020