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 sử dụng Smart Lock để mở khóa thiết bị Android

Nhằm ngăn chặn những truy cập trái phép, người dùng thường cài đặt mật khẩu bằng mã PIN, mẫu hình hoặc sử dụng vân tay để mã hóa thiết bị. Tuy nhiên, đôi khi chính điều này lại phản tác dụng và gây ra không ít phiền

Cách chụp ảnh từ xa trên iPhone cực hay ho mà bạn không thể bỏ qua

Làm sao để bạn chụp ảnh bằng iPhone từ xa mà không cần cầm điện thoại? Trong bài viết này là hướng dẫn cách chụp ảnh từ xa trên iPhone cực kỳ hữu ích cho bạn nhé...

Hướng dẫn sao lưu iPhone qua iTunes và qua iCloud

Rất có thể dữ liệu của bạn đã được bảo mật trên iCloud, ngay cả khi bạn không biết về nó. Nhưng để đảm bảo chức năng được bật cho iPhone, hãy đi tới Settings và sau đó chạm vào tên của bạn > iCloud > iCloud

Hướng dẫn sử dụng iPhone 6s mới đúng cách

Bạn đang sở hữu trên tay chiếc điện thoại iPhone 6s sành điệu của Apple nhưng bạn đã biết sử dụng iPhone 6s mới như thế nào cho đúng cách chưa? Bạn phải làm gì để bảo vệ và giữ gìn điện thoại của mình 1 cách tốt nhất?

Các bước đơn giản để cài đặt ChromeOS lên ổ cứng

ChromeOS là hệ điều hành siêu nhẹ của Google dành riêng cho các sản phẩm Chromebook của hãng. Vậy cài đặt ChromeOS lên ổ cứng ngoài như thế nào?

ĐÁNH GIÁ NHANH

Đánh giá iPhone X: có rất nhiều sự đột phá được tìm thấy

Steven Levy là người sáng lập và biên tập Backchannel, ông là một trong số ít những người dùng đầu tiên được Apple chọn để trải nghiệm sớm và đánh giá iPhone X. Những cảm nhận của Levy đã được đăng tải trên tạp chí

Mở hộp Galaxy Watch4 Classic: Thiết kế truyền thống, tính năng thông minh, hiệu năng mạnh mẽ

Galaxy Watch4 Classic là chiếc smartwatch mang một vẻ ngoài truyền thống kết hợp với nhiều tính năng cao cấp. Mời bạn cùng chúng tôi mở hộp Galaxy Watch4 Classic phiên bản chính hãng được bán tại thị trường Việt Nam.

Đánh giá chi tiết Apple iPhone 7: quái vật tí hon đã hoàn thiện hơn

Chống nước, âm thanh stereo và dung lượng bộ nhớ trong có lớn hơn, hiệu năng có tốt hơn đó là những nâng cấp mà chúng ta phải thừa nhận là Apple đã làm tốt so với năm ngoái.