Galderma successfully placed an inaugural bond with a total amount of CHF 500 million through a dual tranche offering:
- CHF 250 million bond, with a 4-year maturity and a 1.6% fixed-rate annual coupon
- CHF 250 million bond, with a 8-year maturity and a 1.9% fixed-rate annual coupon
The payment date of the bonds is September 27, 2024. The bonds will be listed on the SIX Swiss Exchange and are expected to be included in the domestic segment of the Swiss Bond Index (SBI). The bonds were placed under the lead management of UBS and Zürcher Kantonalbank.
To support the issuance of the bond, Galderma obtained two investment grade ratings from UBS and Zürcher Kantonalbank (BBB- “Improving” and BBB- “Stable” respectively).
The net proceeds of the transaction will be used for the partial refinancing of its existing Bank Term Loan issued at Initial Public Offering (IPO) and general purposes. This successful issuance is leverage-neutral and doesn’t affect Galderma’s guidance for full-year 2024 on net sales, Core EBITDA margin, leverage and interest cash expense for the second half of 2024, as last communicated on July 25, 2024.
