Roche tenders for €250 million of 6.5% notes, any and all 5.375% notes

By Susanna Moon

Chicago, Nov. 7 – Roche Holdings, Inc. is tendering for up to €250 million of its €1,316,694,000 outstanding €1.75 billion 6.5% notes due March 4, 2021.

Pricing will be set at 8 a.m. ET on Nov. 15 using the purchase yield of the interpolated mid-swap rate minus a purchase spread of 20 basis points.

Meanwhile, Roche Finance Europe BV is tendering for any and all of its £200 million of outstanding £250 million 5.375% notes due Aug. 29, 2023.

For the 5.375% notes, pricing will be set using the 2.25% U.K. Treasury gilt due Sept. 7, 2023 plus 25 bps.

The tender offers will end at 11 a.m. ET on Nov. 15.

The offers are being made to reduce the Roche group’s gross debt, according to a company announcement.

Holders also will receive accrued interest.

Tender instructions must be submitted for at least €1,000 of the 2021 notes and £1,000 of the 2023 notes.

Settlement is expected to occur on Nov. 17.

Barclays Bank plc (+44 20 3134 8515 or eu.lm@barclays.com) is the dealer manager. Lucid Issuer Services Ltd. (+44 20 7704 0880, fax +44 20 3004 1590 or roche@lucid-is.com) is the tender agent.

Roche is a Basel, Switzerland-based drug maker.

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