CHEPLAPHARM's Successful €950m Bond Issuance

CHEPLAPHARM Arzneimittel GmbH, an international pharmaceutical platform, has secured a successful refinancing of €950 million in senior secured notes at a 6.750% interest rate. The funds will be used to fully redeem two bond tranches maturing in 2028 worth around €750 million, and partly repay a Term Loan B due in 2029. This move extends the company's maturity profile.

Investor interest was notably high, leading to the bond issue being oversubscribed several times over. Initially planned at €750 million, the volume was increased due to demand, while concurrently reducing the coupon to 6.750%.

Citigroup and Deutsche Bank coordinated the transaction, with legal advice from Latham & Watkins and Freshfields LLP for CHEPLAPHARM and the banks respectively. The EUR notes are set to mature in 2032, with their issuance scheduled for February 9, 2026, pending customary conditions.