Sandoz repays existing bonds and issues new bonds

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Sandoz, a global leader in generics and biosimilars, has announced that it has fully repaid USD 750 million equivalent USD and EUR term loans that were put in place in September 2023, just before its spin-off from Novartis. The repayment was funded through proceeds from successful bond transactions:

– On 13 March 2025, Sandoz issued a three-year CHF 165 million and an eight-year CHF 253 million bond, with annual coupons of 2.125% and 1.75%, respectively.

– On 17 March 2025, Sandoz issued a single-tranche EUR 500 million bond with a 10-year tenor and an annual coupon of 4%.

In addition, a new USD 2 billion multi-currency revolving credit facility with five-year maturity and one-year extension option has been secured. It replaces the previously unused USD 1.25 billion revolving credit facility set up in 2023.

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