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Biocon Biologics refinances ₹9,100 crore debt through ₹6,600 crore bonds and a syndicated debt facility. The refinancing is set to improve liquidity and drive reinvestment into its biosimilars pipeline.
Biocon Biologics Limited (BBL), a subsidiary of Biocon, has successfully priced its ₹6,600 crore senior secured notes, due in 2029, with a 6.67% coupon. The bond issuance, backed by robust collateral, is part of a broader strategy to refinance existing ₹9,100 crore debt, enhancing the company’s liquidity.
In addition to the bond, BBL has secured a new syndicated debt facility through a commitment agreement. The proceeds will be used to strengthen its capital structure, allowing Biocon Biologics to reinvest in its biosimilars pipeline and drive long-term growth. CEO Shreehas Tambe stated that this refinancing would also diversify the company’s investor base by attracting global healthcare investors.
As of 12:45 PM on October 3, 2024, Biocon Ltd’s share price is trading at ₹359.50, reflecting a 3.01% decline. The share price has been closely watched as this refinancing is expected to boost confidence in the company’s financial flexibility. This bond issuance is scheduled to settle on October 9, subject to customary conditions.
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