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by Stephen Carter
Nov 18, 2025 4:38 PM ET
Genmab A/S / Genmab Finance LLC (GMABDC) $2.5bn 144A/Reg S notes 2-part. No reg rights. Settles 12/03 (T+10).
- $1.5bn sr sec notes due 212/15/32 (7y). NC3 (12/15/28) (MWC T+50bp), then at 103.125 12/15/28, 101.563 12/31/29, 100 12/31/30. Equity claw: 3y 40%. at 106.25 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. Pays June 15 and Dec 15, starting 06/15/26. Denoms: 200kx1k. 144A CUSIP: 37230JAA0; 144A ISIN: US37230JAA07. IPT: mid 6s. Price talk: 6.375% area. Priced: 6.25% at 100. +237bp vs 4.125% 11/15/32.
- $1bn sr unsec notes due 12/15/33 (8y). NC3 (121528) (MWC T+50bp), then at 103.625 12/15/28, 101.813 12/15/29, 100 12/15/30. Equity claw: 3y 40% at 107.25. 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. Pays June 15 and Dec 15, starting 06/15/26. Denoms: 200kx1k. 144A CUSIP: 37230JAB8; 144A ISIN: US37230JAB89. IPT: mid 7s. Price talk: 7.375% area. Priced: 7.25% at 100. +329bp vs 4.50% 11/15/33.
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 closed at 12pm 11/18. 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).