Sanofi priced a €8 billion note offering, which will be completed in six tranches.
The French pharmaceutical giant will issue the first tranche of €1.0 billion in floating-rate notes, which will mature March 2020, and has an interest at a quarterly rate of 3-month EURIBOR plus 15 basis points.
The second tranche comprises €500 million in fixed-rate notes, due March 2020, with no interest.
The third tranche of €1.75 billion in fixed-rate notes will mature March 2023 and has a 0.5% annual interest.
The company will issue €1.5 billion in fixed-rate notes in the fourth tranche, due March 2026 and bearing a 1.0% annual interest.
In the fifth tranche, the €2.0 billion in fixed-rate notes will mature March 2030 and has a 1.375% annual interest.
The sixth tranche comprises €1.25 billion in fixed-rate notes, maturing March 2038, and carrying a 1.875% annual interest.
Sanofi said it plans to use net proceeds of the offering for general corporate purposes, including financing the company's takeover of Bioverativ Inc. and Ablynx NV.
BNP Paribas, Société Générale CIB and UniCredit Bank serve as global coordinators and book runners, while Crédit Agricole CIB, Citi, HSBC, ING, J.P. Morgan, RBC Capital Markets and Santander act as book runners for the offering.
