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by Chris Reich
Nov 03, 2025 12:48 PM ET
Novartis Capital Corp (NOVNVX) exp Aa3/AA- US$ benchmark SEC registered 7-part sr notes (3y FXD and/or FRN due 11/5/28, 5y FXD due 11/5/30, 7y FXD due 11/5/32, 10y FXD due 11/5/35, 20y FXD due 11/5/45 and 30y FXD due 11/5/55). MWC FXD tranches. 1mo par call on 3y FXD, 1mo on 5y, 2mos on 7y, 3mos on 10y, 6mos on 20y and 6mos on 30y. Tax changes call on all tranches. Barc/BofA/HSBC/JPM (B&D) joint active books. Passive: BNP/DB/SG. Co-mgrs: Citi, Miz. Guarantor: Novartis AG. Denoms: 2,000 x 1,000. Sale into Canada: Yes - Exemption. UOP: general corporate purposes outside of Switzerland, including the refinancing of existing long- and short-term indebtedness. Pricing 11/3. Settle 11/5 (T+2). CUSIP: 3y FRN: 66989HBD9, 3y FXD: 6989HAX6, 5y: 66989HAY4, 7y: 66989HAZ1, 10y: 66989HBA5, 20y: 66989HBB3, 30y: 66989HBC1. ISIN: 3y FRN: US66989HBD98, 3y FXD: US66989HAX61, 5y: US66989HAY45, 7y: US66989HAZ10, 10y: US66989HBA59, 20y: US66989HBB33, 30y: US66989HBC16.
IPTs: 3y T+55 area and SOFR equiv, 5y T+70 area, 7y T+75 area, 10y T+80 area, 20y T+80 area, 30y T+90 area.
GUIDANCE: 3y FRN SOFR+52#, 3y FXD T+30#, 5y T+45#, 7y T+50#, 10y T+55#, 20y T+55#, 30y T+65#.