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Biocon Biologics refinances $1.1 billion long-term debt
1 min read | Updated on October 03, 2024, 11:27 IST
SUMMARY
Biocon Biologics announced it has refinanced $1.1 billion in long-term debt through dollar bonds and a new syndicated facility. This strategic move aims to enhance financial flexibility, support long-term growth, and diversify its investor base, according to CEO Shreehas Tambe.
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The company said the bonds will be issued by Biocon Biologics Global plc, a wholly owned subsidiary of the company, and will be backed by a strong security package
The company said the bonds will be issued by Biocon Biologics Global plc, a wholly owned subsidiary of the company, and will be backed by a strong security package, Biocon Biologics, a unit of Biocon Ltd, said in a statement.
The transaction is expected to settle on October 9, 2024 subject to customary closing conditions, it added.
"This strategic refinancing underscores our commitment to enhance financial flexibility, fuels Biocon Biologics' long-term growth and is core to the consolidation phase of our business," Biocon Biologics CEO and Managing Director Shreehas Tambe said.
The company expects the transaction to strengthen capital structure and allow it to redeploy investments into the business, including advancing our differentiated pipeline of biosimilars, he added.
"It will also enable us to diversify our investor base to include marquee global funds and healthcare investors who seek to participate in Biocon Biologics' growth story," Tambe said.
Shares of Biocon were trading at ₹363.25 down 2% or -₹7.45 on the NSE.
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