Biocon Biologics Enhances Financial Flexibility with USD 1.1 Billion Refinancing

Biocon Biologics has refinanced USD 1.1 billion in long-term debt through dollar bonds and a new syndicated facility. The company aims to enhance financial flexibility and support long-term growth. The refinancing is expected to diversify its investor base and strengthen its capital structure.

Biocon Biologics on Thursday announced the refinancing of $1.1 billion long-term debt through dollar bonds and a new syndicated facility. This move is part of an effort to enhance financial flexibility and support the company's long-term growth.

The bonds will be issued by Biocon Biologics Global plc, a wholly owned subsidiary, and back by a robust security package, according to a statement from the company. The transaction, slated to settle on October 9, 2024, is subject to closing conditions.

CEO and Managing Director Shreehas Tambe stated that this strategic step will allow Biocon Biologics to redeploy investments into the business and diversify its investor portfolio. The company's shares saw a decline of 0.81% to Rs 367.40 apiece on the BSE.

(With inputs from agencies.)