Commentary & Deal Flow

Genmab A/S / Genmab Finance LLC (GENMAB) $2.5bn 144A/Reg S notes 2-part. No reg rights.

    - $1.5bn sr sec notes due 2032 (7y). NC3 (MWC T+50bp). Equity claw: 3y 40%. Special call: 10% per year the first 3 years at 103. Ba2/BB+BB+ (stable/stable/stable). Via MS/BofA/GS/Danske/DNBC/Nordea/PNC/TSI jt books. SMR at 100 if the acquisition has not closed by 10/05/26. CoC at 101. Denoms: 200kx1k. IPT: mid 6s. Price talk: 6.375% area.

    - $1bn sr unsec notes due 2033 (8y). NC3 (MWC T+50bp). Equity claw: 3y 40%.  B1/BB-/BB (stable/stable/stable). Via MS sole. SMR at 100 if the acquisition has not closed by 10/05/26. CoC at 101. Denoms: 200kx1k. IPT: mid 7s. Price talk: 7.375% area.

Roadshow 11/12-14 (investor call 11am 11/12)  (TLB lender call 11/10, loan commitments due 11/18 (moved up from 11/19). Books close at 12pm 11/18. Pricing 11/18 afternoon. UOP: along with $2.9bn cash on hand, $1bn sr sec term loan A, $2bn sr sec term loan B, and $500m revolver (undrawn) and cash on hand, to fund the acquisition of Merus NV (MRUS) for $97 per share or approximately $8bn total transaction value, including debt. Closing expected early Q1 2026. Biz: biotechnology company that specializes in the creation and development of differentiated antibody therapeutics to fight against cancer and other serious diseases. HQ: Valby, Denmark. (Announced 09/29/2025).