Sandoz strengthens its balance sheet by issuing new bonds to repay spin-off term loans, and signs new USD 2 billion revolving credit facility

MEDIA RELEASE

NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN 

  • New USD 2.0 billion multi-currency revolving credit facility (RCF) in place to further strengthen Sandoz balance sheet and liquidity
  • New facility replaces initial and unutilized USD 1.25 billion RCF, in place since spin-off in 2023
  • Dual-tranche CHF 400m and single-tranche EUR 500 million bonds issued
  • Proceeds used to fully repay USD 750 million equivalent in USD and EUR term loans and extend debt maturities to 2035, while reducing overall interest expenses

Basel, March 31, 2025 – Sandoz (SIX:SDZ/OTCQX:SDZNY), the global leader in generic and biosimilar medicines, today announced that it has fully repaid USD 750 million equivalent in USD and EUR term loans that were put in place in September 2023, just before the spin-off from its former parent.

The term loan repayment was fully funded from the proceeds of three successful bond transactions earlier this month:

  • On March 13, Sandoz issued a three-year CHF 165 million and an eight-year CHF 235 million bond, with attractive annual coupons of 1.25% and 1.75%, respectively
  • On March 17, Sandoz issued a single-tranche EUR 500 million bond with a tenor of 10 years and an annual coupon of 4.0%
  • All transactions were well received, with a six-times oversubscription of the final orderbook on the EUR tranche; this was the largest oversubscription rate achieved by Sandoz for a single tranche

Remco Steenbergen, CFO of Sandoz, said: “These successful transactions and the new RCF will further strengthen our balance sheet, giving us significant financial leeway going forward. We have built a robust maturity profile and substantially reduced our financing costs since independence.”

With these latest transactions, the Sandoz annual interest rate on gross debt is expected to be reduced to below 4%. After repayment of the existing term loans and the new bonds in place, the Sandoz debt-maturity profile has been extended to 2035, with an average maturity of around 5.5 years.

A new multi-currency RCF of USD 2 billion further strengthens the Sandoz balance sheet. This new facility has a five-year maturity, with an option to extend twice by another year. This replaces the unutilized USD 1.25 billion RCF put in place in 2023.

The transactions were supported by a core banking group to Sandoz including Bank of America, BNP Paribas, Citi, Deutsche Bank, HSBC, Mizuho, SEB, Societe Generale and UBS.

Sandoz aims to consistently maintain an investment grade credit rating and is rated Baa2 (stable outlook) by Moody’s and BBB (stable outlook) by S&P.

DISCLAIMER
This Media Release contains forward-looking statements, which offer no guarantee with regard to future performance. These statements are made on the basis of management’s views and assumptions regarding future events and business performance at the time the statements are made. They are subject to risks and uncertainties including, but not confined to, future global economic conditions, exchange rates, legal provisions, market conditions, activities by competitors and other factors outside of the control of Sandoz. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual outcomes may vary materially from those forecasted or expected. Each forward-looking statement speaks only as of the date of this Media Release, and Sandoz undertakes no obligation to publicly revise any forward-looking statements, except as required by law. Accordingly, undue reliance should not be placed on the forward-looking statements.

The distribution of this Media Release may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with applicable securities laws in such jurisdiction may constitute a violation of the securities laws of such jurisdiction.

This Media Release and the information contained herein does not constitute or form part of an offer, invitation or recommendation to purchase, sell or subscribe for any securities of Sandoz Group AG or the solicitation of any offer, invitation or recommendation to purchase, sell or subscribe for any securities of Sandoz Group AG, to any person in Australia, Canada, Japan or the United States, or in any jurisdiction to whom or in which offer or solicitation is unlawful.

THIS PRESS RELEASE IS NOT AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES. SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION. THE BONDS HAVE NOT BEEN AND WILL NOT BE REGISTERED IN THE UNITED STATES AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO ANY U.S. PERSON, AND THIS MEDIA RELEASE MAY NOT BE DISTRIBUTED IN THE UNITED STATES.

EEA MiFID II / UK MiFIR professionals/ECPs-only / No EEA or UK PRIIPS KID Manufacturer target market (MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or UK.

ABOUT SANDOZ
Sandoz (SIX: SDZ; OTCQX: SDZNY) is the global leader in generic and biosimilar medicines, with a growth strategy driven by its Purpose: pioneering access for patients. More than 20,000 people of 100 nationalities work together to ensure 900 million patient treatments are provided by Sandoz, generating substantial global healthcare savings and an even larger social impact. Its leading portfolio of approximately 1,300 products addresses diseases from the common cold to cancer. Headquartered in Basel, Switzerland, Sandoz traces its heritage back to 1886. Its history of breakthroughs includes Calcium Sandoz in 1929, the world’s first oral penicillin in 1951, and the world’s first biosimilar in 2006. In 2024, Sandoz recorded net sales of USD 10.4 billion.

CONTACTS

Global Media Relations contactsInvestor Relations contacts
Global.MediaRelations@sandoz.com Investor.Relations@sandoz.com 
Joerg E. Allgaeuer 
+49 171 838 4838 
Craig Marks
+44 7818 942 383
Chris Lewis
+49 174 244 9501
Tamara Hackl
+41 79 790 5217

Attachment

  • Media Release_Bonds.pdf

Sandoz strengthens its balance sheet by issuing new bonds to repay spin-off term loans, and signs new USD 2 billion revolving credit facility


THỦ THUẬT HAY

Hướng dẫn tắt hẳn Wifi và Bluetooth từ Control Center trên iOS 11.0 – iOS 11.1.2

Mới đây thì tweak chỉnh sửa giúp bạn tắt hẳn Wi-Fi hay Bluetooth từ Control Center đã chính thức được phát hành dành cho các bạn có máy iOS 11.0 – iOS 11.1.2 đã jailbreak bằng Electra.

DownAlbum: Công cụ tải toàn bộ ảnh từ Facebook với chất lượng cao

Facebook đang trở thành một mạng xã hội không thể thiếu với rất nhiều người. Khi nó trở thành một kênh giao tiếp quan trọng, đồng thời là nơi lưu trữ rất nhiều ảnh của bạn.

5 bước đơn giản giúp tăng tốc độ Internet khi mạng chậm với CMD(Command Prompt )

Tốc độ internet chậm là một vấn đề không bao giờ kết thúc đối với người sử dụng internet. Tuy nhiên, nhiều vấn đề phổ biến về DNS, TCP và IP có thể được giải quyết bằng Windows Command Prompt. Dưới đây là một số lệnh

Dọn dẹp Messenger: Xoá lịch sử cuộc gọi và vẫn lưu tin nhắn một cách hiệu quả

Trên ứng dụng Messenger, việc xóa lịch sử cuộc gọi có thể làm đơn giản mà không làm mất đi các tin nhắn quan trọng của bạn. Dưới đây, trangcongnghe.vn sẽ hướng dẫn các bạn một số giải pháp đơn giản để có thể xóa lịch

Cách sao lưu và khôi phục driver trên Windows 11

Bạn muốn sao lưu và khôi phục driver máy tính trên Windows 11 nhưng không biết làm thế nào? Trong bài này sẽ hướng dẫn các bạn cách thực hiện với những giải pháp khác nhau.

ĐÁNH GIÁ NHANH

Camera Samsung Galaxy J7 Pro xuất sắc nhất trong tầm giá

Samsung đã gây bất ngờ với Galaxy J7 Pro ngày mới ra mắt khi đây là chiếc điện thoại có camera chính khẩu độ lên tới f/1.7, con số mà trước đây Samsung chỉ dành cho các smartphone cao cấp.

Đánh giá OPPO F1s: Vua selfie trong tầm giá dưới 6 triệu

Vừa qua, OPPO đã chính thức giới thiệu F1s tới người dùng Việt Nam, mẫu di động được xem là người kế nhiệm của 'chuyên gia selfie' F1 với camera...

Trải nghiệm nhanh Acer Swift 3 2017, laptop đầu tiên trang bị CPU Intel thế hệ 8 tại Việt Nam

Vừa qua Intel đã chính thức giới thiệu dòng CPU Core i thế hệ thứ 8 cho laptop dưới tên gọi là Kaby Lake Refresh và rất nhanh sau đó Acer cũng đã giới thiệu phiên bản nâng cấp cho dòng Swift 3 của hãng trang bị chip xử