Glenmark Pharmaceuticals has successfully closed the pricing of its debut $200 million 5-year non-call 3 year senior unsecured notes offering at 4.5% per annum, due 2021 (the 2016 Notes). The notes issuance follows a series of fixed income investor meetings in Asia and Europe, and was priced following strong demand aggregating $1.7 billion from a wide spectrum of institutional investors across Asia and Europe.
The bonds were oversubscribed 8 times and the notes have been rated BB and BB by S&P and Fitch respectively. The proceeds from the issuance and sale of the Notes will be used for investment in Glenmark’s wholly owned subsidiaries abroad, and will subsequently be applied to repay existing debt at the subsidiary level.
Citi and HSBC acted as Joint Global Coordinators and ANZ, Barclays and DB5 Bank acted as Joint Bookrunners and Joint Lead Managers to the offering.
