Sullivan, Simpson on $3 Billion Takeda Pharmaceutical Issue
The offering, the largest-ever U.S.-dollar bond issue by a Japanese company, is aimed at repaying loans Takeda used to finance its $14 billion acquisition of Swiss rival Nycomed last year.
By Jessica Seah|July 19, 2012|Originally published on International
Thank you for sharing!
Your article was successfully shared with the contacts you provided.
Sullivan & Cromwell is advising Osaka-based drug manufacturer
Takeda Pharmaceutical Co. on a $3 billion debt offering on the Singapore Exchange. It is the largest-ever issue of U.S. dollar-denominated bonds by a Japanese company.
The offering consists of two tranches of equal value – $1.5 billion in one-percent senior notes due in 2015 and $1.5 billion in 1.6-percent senior notes due 2017. The proceeds from the offering will be used to repay loans the company took on last year to finance its
$13.7 billion acquisition of Swiss competitor Nycomed Pharma GmbH.
Sullivan & Cromwell Tokyo partner Izumi Akai is leading the firm’s work for Takeda on the offering.
Simpson Thacher & Bartlett is advising the underwriters — Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co., Morgan Stanley and Nomura Holdings Inc. The firm’s team on the deal is being led by Tokyo partners David Sneider and Alan Cannon.
As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters.
Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss.
Tailored just for you. In your inbox. Every day.