TT&A on $800 million Senior Secured Notes issue by Biocon Biologics Global

Biocon Biologics Global plc, a wholly owned step down subsidiary of Biocon Biologics Limited, has made an issue and sale of $800 million Senior Secured Notes at 6.67% coupon rate which will be due in 2029.

The Bonds are expected to be rated BB by both S&P and Fitch and will be listed on the Singapore Stock Exchange. 

TT&A advised initial purchasers Merrill Lynch (Singapore) Pte. Ltd., Citigroup Global Markets Singapore Pte. Ltd., HSBC, Standard Chartered Bank (Singapore) Limited, BNP Paribas and Mizuho Securities (Singapore) Pte. Ltd. on this transaction.

The transaction team consisted of Rahul Gulati (Partner), Priyanka Kumar (Partner), Saara Ahmed (Managing Associate), Aakash Puttige (Senior Associate) and Shivani Iyer (Associate) Sushil Joon (Associate).

The transaction represents the first US$ bond issuance by a biopharmaceutical company in Asia-Pacific, and the largest debut issuance from a high yield rated issuer from India in the past 10 years. It is also the debut overseas bond issuance by the Biocon group.