Sandoz Finance BV (SDZSW)

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Sandoz Finance BV (SDZSW)

C/P	Industry	Status	Ticker(s)	Issuer(s)	Size(m)		Tranches	Region	Date
IGC	HLTH	PRCD	SDZSW	Sandoz Finance BV	€2,000		3	EMEA	Nov 8, 2023

Tranche #1Sandoz Finance BV

currency

EUR

size (m)

700.000

maturity

Apr 17, 2027

type

Fixed

tenor

3.000

call

registration

Reg S Only

benchmark

Swaps

ranking

Sr. Unsecured

moody's

Baa2

s&p

BBB

fitch

size description

re-open/tap

ipt

MS+105 a

ipt-pxd

guidance

MS+80 a

spread

coupon

3.97%

spread set

price

99.99000

yield

3.979%

book size (m)

1,850

peak book (m)

x-covered

2.64

book attrition

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

1,850

peak book (m)

x-covered

2.64

book attrition

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche #2Sandoz Finance BV

currency

EUR

size (m)

700.000

maturity

Apr 17, 2030

type

Fixed

tenor

6.000

call

registration

Reg S Only

benchmark

Swaps

ranking

Sr. Unsecured

moody's

Baa2

s&p

BBB

fitch

size description

re-open/tap

ipt

MS+145 a

ipt-pxd

guidance

MS+120 a

spread

115

coupon

4.22%

spread set

price

99.96600

yield

4.23%

book size (m)

2,150

peak book (m)

x-covered

3.07

book attrition

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

2,150

peak book (m)

x-covered

3.07

book attrition

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche #3Sandoz Finance BV

currency

EUR

size (m)

600.000

maturity

Nov 17, 2033

type

Fixed

tenor

10.000

call

registration

Reg S Only

benchmark

Swaps

ranking

Sr. Unsecured

moody's

Baa2

s&p

BBB

fitch

size description

re-open/tap

ipt

MS+175 a

ipt-pxd

guidance

MS+145 a

spread

140

coupon

4.50%

spread set

price

99.94500

yield

4.507%

book size (m)

2,250

peak book (m)

x-covered

3.75

book attrition

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

2,250

peak book (m)

x-covered

3.75

book attrition

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche Comments

3 yr: Book size: 1850; Registration: Reg S Only; Comments: EUR700m (upsized from EUR650m) L3yr debut bmk snr unsec RegS. Baa2/BBB/NR. BNPP(B&D)/JPM/Miz(log). IPTs L3yr MS+105 area. Guidance MS+80 area for exp 650m. Launch MS+75 for 700m. Final books 1.85bn+ (peak 2.4bn+). OBL 0 04/16/27 #177, 91.38, B+131.7, HR 102%. FTT 7.30am Nov 9. Tax Call: Yes. Par Call: 1m. Cleanup Call: 80%. MWC: B+20bps. CoC: Yes; 6 yr: Book size: 2150; Registration: Reg S Only; Comments: EUR700m (upsized from EUR650m) L6yr debut bmk snr unsec RegS. Baa2/BBB/NR. BNPP(B&D)/JPM/Miz(log). IPTs L6yr MS+145 area. Guidance MS+120 area for exp 650m. Launch MS+115 for 700m. Final books 2.15bn+ (peak 2.6bn). DBR 0% 02/30, 85.64, B+172.5, HR 106%. FTT 7.30am Nov 9. Tax Call: Yes. Par Call: 3m. Cleanup Call: 80%. MWC: B+30bps. CoC: Yes; 10 yr: Book size: 2250; Registration: Reg S Only; Comments: EUR600m (downsized from EUR650m) 10yr debut bmk snr unsec RegS. Baa2/BBB/NR. BNPP(B&D)/JPM/Miz(log). IPTs 10yr MS+175 area. Guidance MS+145 area for exp 650m each. Launch MS+140 for 600m. Final books 2.25bn+ (peak 3.1bn+). DBR 2.6% 08/33, 99.84, B+188.9, HR 93%. FTT 7.30am Nov 9. Tax Call: Yes. Par Call: 3m. Cleanup Call: 80%. MWC: B+30bps. CoC: Yes;

Guarantor(s)

Sandoz Group AG

Use of Proceeds

Refinancing and general corporate purposes

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