Biocon Limited and Biocon Biologics Limited: Strategic Shift Towards Debt Reduction
Friday, 4 October 2024, 00:02
Biocon Biologics' Debt Refinancing Achievements
Biocon Biologics Limited has successfully refinanced debt worth $1.1 billion through a combination of offshore bonds and term loans. This strategic move allows Biocon Limited to focus on debt reduction and enhance its overall financial stability.
Details of the Refinancing
- The refinancing included raising $800 million through bonds due in 2029 with a coupon rate of 6.67%.
- Biocon Biologics is poised to utilize these funds to address its significant debt obligations stemming from acquiring Viatris Inc's global biosimilars portfolio.
- Kedar Upadhye, CFO of Biocon Biologics, confirmed plans to explore multiple options for further debt reduction.
Future Financial Strategies
The focus now shifts towards strategic debt management while exploring other financial avenues. Upadhye indicated that with the improved liquidity profile, the company can now address essential aspects of its capital structure.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.