Roche Holding repurchase of the Novartis stake in Roche Holding
Homburger advises Roche Holding on the financing of the repurchase of the Novartis stake in Roche Holding
On November 3, 2021, Roche Holding, as borrower entered into a CHF 9,814 billion and USD 10 billion bridge facility agreement with BNP Paribas and Deutsche Bank each as Arranger, Deutsche Bank Luxembourg as Agent and a syndicate of international banks as Lenders.
On December 13, 2021, Roche Holdings successfully completed its issuance of USD 2 billion 1.930% Notes due 2028, USD 2 billion 2.076% Notes due 2031 and USD 2 billion 2.607% Notes due 2051, which are irrevocably and unconditionally guaranteed by Roche Holding.
The borrowings under the Bridge Facility have been, and the net proceeds from the issuance of the Notes are expected to be, used in connection with Roche Holding’s repurchase of 53.3 million of its shares from Novartis Holding.
Homburger advised Roche on all Swiss law aspects of the transaction. The Homburger team was led by partner Jürg Frick (financing and investment products / capital markets), and included partners Heinz Schärer (corporate / m&a), David Oser (corporate / m&a), Stefan Oesterhelt (tax) and Dieter Grünblatt (tax), counsel Lee Saladino (capital markets) and Micha Fankhauser (corporate / m&a), and associates Sofiya Shavlak (capital markets) and Stefan Bindschedler (financing and investment products).
