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

Cách khởi động và thiết lập lại Apple Watch

Việc thiết lập, khởi động lại thiết bị đôi khi là cách tốt nhất để khắc phục sự cố ngay cả trên Apple Watch. Hãy đọc bài viết này để biết cách khởi động và thiết lập lại Apple Watch nhé!

Windows 7 hay Windows 8 là giải pháp thay thế Windows XP?

Khi mà Windows XP chuẩn bị không được nhận hỗ trợ từ Microsoft, bạn sẽ làm gì với chiếc máy tính của mình đây? nên cài Windows 7 hay Windows 8?

Cách lấy đường link tên Facebook của mình trên điện thoại Andorid và iOs

Khi sử dụng Facebook trên điện thoại, đôi lúc bạn muốn giới thiệu tên Facebook gửi cho bạn bè nhưng chưa biết cách làm ra sao. Hôm nay chúng tôi sẽ giúp bạn cách lấy đường link tên Facebook của mình để chia sẻ cho bạn

Hướng dẫn cách xác định địa chỉ IP trên máy tính

Kiểm tra địa chỉ IP của máy tính sẽ cần thiết trong nhiều trường hợp. Nếu bạn muốn biết địa chỉ IP máy tính của mình là gì thì hãy đọc hướng dẫn xem IP máy tính này nhé.

Hướng dẫn đầy đủ cách chơi cờ vua cho người mới bắt đầu nhanh nhất

Bạn sẽ học cách chơi cờ vua chỉ trong ba bước cho người mới bắt đầu. Hướng dẫn này giúp bạn mọi thứ từ cách thiết lập một bàn cờ, cách di chuyển các quân cờ, những nước đi đặc biệt trong cờ vua. Bài viết này hướng dẫn

ĐÁNH GIÁ NHANH

Top 5 điều hòa dưới 6 triệu 2017

Trong cái nóng hơn 40 độ, đỉnh điểm có nơi lên tới gần 60 độ thì việc trang bị cho gia đình một chiếc điều hòa là vô cùng cần thiết. Hãy cùng rTang công nghệ điểm danh nhưng cái tên cho chất lượng cùng giá tốt nhất

Đánh giá Moto E4 Plus: Thêm một đối thủ cạnh tranh phân khúc “pin khủng 5000 mAh”

Moto E4 Plus là một trong số bốn sản phẩm vừa được Motorola ra mắt vừa qua tại thị trường Việt Nam cùng với Moto C Plus, Moto C 4G và Moto C. Đây là phiên bản phóng to của Moto E4 với dung lượng pin lớn lên tới 5000

Đánh giá Samsung Galaxy S20 FE 5G: món quà dành cho người hâm mộ của Samsung

Samsung Galaxy S20 FE 5G là chiếc điện thoại Samsung thứ tư trong dòng S được phát hành trong năm nay. Ngoại trừ hai thiết bị Note 20, đây có thể cho là phiên bản giá rẻ nổi bật nhất trong vô số các mẫu điện thoại dòng