Advestra with Galderma on the CHF 500 mln bonds placement

Advestra advised Galderma on its inaugural bonds in the aggregate principal amount of CHF 500 million. The payment date of the bonds is September 27, 2024. The bonds will be listed on the SIX Swiss Exchange and are expected to be included in the domestic segment of the Swiss Bond Index (SBI). The bonds were placed under the lead management of UBS and Zürcher Kantonalbank.

Advestra’s team

Advestra acted as leg­al coun­sel to Gal­derma. The team includes partner Annette Weber (pictured left) and associate Valérie Bayard (pictured center) (both cap­it­al mar­kets) as well as partner Céline Mar­tin (pictured right) (tax).

About the bond placement

Fol­low­ing its IPO, Gal­derma placed suc­cess­fully seni­or guar­an­teed bonds in two tranches in the aggreg­ate prin­cip­al amount of CHF 500 mil­lion. Both tranches are issued by Gal­derma Hold­ing and guar­an­teed by Gal­derma Group. The first tranche of an aggreg­ate prin­cip­al amount of CHF 250 mil­lion will mature in 2028 and has a coupon of 1.6% and The second tranche of an aggreg­ate prin­cip­al amount of CHF 250 mil­lion with a coupon of 1.9% will mature in 2032. 

The net proceeds of the transaction will be used for the partial refinancing of its existing Bank Term Loan issued at Initial Public Offering (IPO) and general purposes. This successful issuance is leverage-neutral and doesn’t affect Galderma’s guidance for full-year 2024 on net sales, Core EBITDA margin, leverage and interest cash expense for the second half of 2024, as last communicated on July 25, 2024.

Galderma

Founded in 1981 and with its product portfolio available in more than 100 countries, Galderma is a company focused on dermatology.