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by Chris Reich
Mar 16, 2026 3:43 PM ET
Novartis Capital Corp (NOVNVX) exp Aa3/AA- US$11bn SEC registered 7-part sr notes (3y FXD and/or FRN due 3/16/29, 5y FXD due 3/18/31, 7y FXD due 3/18/33, 10y FXD due 3/18/36, 20y FXD due 3/18/46, 30y FXD due 3/18/56). 5y FRN tranche dropped at launch. MWC FXD tranches. 1mo par call on 3y FXD (2/16/29), 1mo on 5y FXD (2/18/31), 2mos on 7y (1/18/33), 3mos on 10y (12/18/35), 6mos on 20y (9/18/45), 6mos on 30y (9/18/55). Guarantor: Novartis AG. BNP/Citi (B&D on 10y, 20y, 30y)/DB/JPM (B&D on 3y, 5y, 7y)/Miz joint active books. UOP: General corporate purposes outside of Switzerland, including to repay outstanding borrowings under the bridge loan incurred on February 26, 2026 that was used to finance the acquisition of Avidity Biosciences. First Pay: 9/16/26 (3y FXD), 6/16/26 (3y FRN), 9/18/26 (5y, 7y, 10y, 20y, 30y). Denoms: 2,000 x 1,000. Sales into Canada: yes - via exemption. Pricing 3/16. Settle 3/18 (T+2).
IPTs: 3y T+ 75 area and SOFR Equivalent, 5y T+85 area and SOFR Equivalent, 7y T+95 area, 10y T+100 area, 20y T+110 area, 30y T+120 area.
GUIDANCE: 3y T+45# and SOFR equiv, 5y T+60# and SOFR equiv, 7y T+67#, 10y T+72#, 20y T+80#, 30y T+90#.
LAUNCHED: $500m 3y FRN at SOFR+65, $1.25bn 3y FXD at T+45, $1.75bn 5y FXD at T+60, 5y FRN tranche dropped, $2bn 7y at T+67, $2.25bn 10y at T+72, $1bn 20y at T+80, $2.25bn30y at T+90.
PRICED:
$500m 3/16/29 FRN at SOFR+65, at 100.
$1.25bn 4.10% 3/16/29 99.883 4.142% T+45. MW+10.
$1.75bn 4.40% 3/18/31 99.960 4.409% T+60. MW+10.
$2bn 4.60% 3/18/33 99.574 4.672% T+67. MW+15.
$2.25bn 4.90% 3/18/36 99.719 4.936% T+72. MW+15.
$1bn 5.60% 3/18/46 99.536 5.639% T+80. MW+15.
$2.25bn 5.70% 3/18/56 99.120 5.762% T+90. MW+15.