A&O Shearman has advised the dealers and managers on the establishment of a euro medium term note (EMTN) program for Danish biotech company Novonesis, followed by a triple tranche debut Eurobond issuance totaling EUR1.7bn. Novonesis is a global leader in the life sciences sector, specializing in biotechnology and biosolutions.
The issuance comprised three tranches across 3, 7, and 11 year maturities. The notes have been rated A- by S&P. The proceeds of the bonds will be used, amongst other things, to refinance the bridge facility put in place in connection with the merger of Novozymes and Chr. Hansen in 2024.
The issuance represents an impressive debut for Novonesis in the Eurobond market, with the bonds successfully priced against the backdrop of exceptional market turbulence.
A&O Shearman acted as advisers to the dealers on the establishment of the program and advised the managers on the drawdown.
"We are proud to have advised the managers on this significant debut issuance for Novonesis. Successfully executing a triple tranche offering of this scale in volatile market conditions is a testament to the strength of the credit and the quality of the execution."
Peter Crossan
Partner
The A&O Shearman team was led by partner Peter Crossan, alongside senior associates Anne Low and Jacob Sewell, and associate Anisa Khan.