Biocon Biologics Limited (BBL), a subsidiary of Biocon Limited, announced today the successful pricing of its debut $800 million (₹6.6763 crores) senior secured notes due 2029 at a 6.67 per cent coupon rate. The bonds, to be issued by Biocon Biologics Global plc, are expected to be rated BB by S&P and Fitch and will be listed on the Singapore Stock Exchange.
The shares of Biocon Limited were trading at ₹364.65, down by ₹6 or 1.62 per cent on the NSE today at 10:25 am.
Additionally, BBL has entered into a commitment agreement for a new syndicated debt facility. The combined proceeds from the bonds and the new facility will be used to refinance existing debt of $1.1 billion.
The bond issuance saw strong investor interest, with a peak orderbook exceeding $2.5 billion, representing over 3x oversubscription. The final orderbook was geographically diverse, with 47 per cent from the U.S., 27 per cent from EMEA, and 26 per cent from Asia.
BBL CEO Shreehas Tambe stated that this refinancing will enhance financial flexibility and support the company’s long-term growth. The transaction is expected to close on October 9, 2024, subject to customary conditions.