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

Rèn luyện 10 thói quen này, bạn sẽ trở nên hấp dẫn hơn trong mắt người khác

Những thói quen này không giúp bạn hấp dẫn hơn về mặt hình thể mà sẽ khiến bạn trở nên lôi cuốn hơn bằng chính con người bạn.

Xài Galaxy S7 Edge mà không biết 5 mẹo này thì thật lãng phí

Với cấu hình mạnh mẽ, thiết kế đẳng cấp, Galaxy S7 Edge ngoài là một chiếc smartphone còn là một món trang sức mà ai cũng mong muốn sỡ hữu. Nếu...

Những giải pháp có thể sử dụng nhằm bảo mật Facebook

Để bảo vệ tài khoản facebook của bạn tốt hơn thì cách tốt nhất là bạn nên thiết lập bảo mật 2 lớp cho Facebook cá nhân. Ngoài ra còn có khá nhiều giải pháp hữu ích hơn nữa, hôm nay TCN đã tổng hợp toàn bộ giải pháp mà

Tình yêu và Nước mắt, hai Emoji được dùng nhiều nhất trên Facebook

Nhân dịp kỷ niệm ngày World Emoji Day, Mark Zuckerberg (đồng sáng lập Facebook) đã công bố danh sách những mặt cười (Emoji) được chúng ta sử dụng nhiều nhất trên mạng xã hội này. Theo đó, biểu tượng cười ra nước mắt

ĐÁNH GIÁ NHANH

HP Spectre x360 15 2018: Thiết kế thanh lịch, CPU tốc độ cao và bàn phím thoải mái

Trong vài năm trở lại đây, dòng Spectre x360 của HP không có nhiều thay đổi về ngoại hình khi nó đã khoác lên mình ngôn ngữ thiết kế vô cùng sang trọng và cao cấp. Chính vì vậy mẫu HP Spectre x360 15 2018 vẫn sử dụng

Những tính năng nên sử dụng trên Apple Watch Series 7

Watch Series 7 là mẫu đồng hồ thông minh mới nhất của Apple hiện nay. Có rất nhiều cải tiến và tính năng mới được bổ sung cho mẫu smartwatch mới này. Trong bài viết này chúng tôi sẽ mách bạn một số tính năng nên sử

Top 4 điện thoại xịn, giá hời không thua kém iPhone 13 vừa ra mắt

Nếu bạn không đủ tài chính để mua iPhone 13, thì dưới đây là bốn gợi ý về mẫu điện thoại vừa có hiệu năng tốt vừa có mức giá phải chăng mà bạn ...