By Cristal Cody
Chicago, Nov. 7 – Roche Holdings, Inc. priced a $5.5 billion offering of notes in five parts on Monday, according to a market source.
The company priced two notes with a three-year tenor, a floater and a fixed-rate note.
The smallest tranche of the five, the $300 million of three-year floaters priced with a SOFR plus 74 basis points coupon.
The companion tranche priced as $1.1 billion of 5.265% notes at Treasuries plus 55 bps. Initial talk was in the 75 bps to 80 bps area.
For a five-year tranche, the company priced $1.25 billion of 5.338% notes at Treasuries plus 75 bps. Initial talk was 20 bps higher, in the 95 bps to 100 bps area.
The company also priced $1.25 billion of seven-year notes. Pricing came with a 5.489% coupon at Treasuries plus 85 bps. Spread talk was in the 105 bps to 110 bps area.
The largest tranche priced with a 10-year tenor. The $1.6 billion of longer-dated notes priced with a 5.593% coupon at Treasuries plus 95 bps. Initial talk was in the 115 bps to 120 bps area.
Barclays, Citigroup, Deutsche Bank, JPMorgan and MUFG were the bookrunners.
The drug maker is based in Basel, Switzerland.
| Issuer: | Roche Holdings, Inc.
|
| Amount: | $5.5 billion
|
| Issue: | Notes
|
| Bookrunners: | Barclays, Citigroup, Deutsche Bank, JPMorgan and MUFG
|
| Trade date: | Nov. 6
|
|
|
| 2026 floaters
|
| Amount: | $300 million
|
| Issue: | Floating-rate notes
|
| Maturity: | Nov. 13, 2026
|
| Coupon: | SOFR plus 74 bps
|
| Price talk: | SOFR plus equivalent spread
|
|
|
| 2026 fixed-rate notes
|
| Amount: | $1.1 billion
|
| Maturity: | Nov. 13, 2026
|
| Coupon: | 5.265%
|
| Spread: | Treasuries plus 55 bps
|
| Price talk: | Treasuries plus 75 bps to 80 bps area
|
|
|
| 2028 notes
|
| Amount: | $1.25 billion
|
| Maturity: | Nov. 13, 2028
|
| Coupon: | 5.338%
|
| Spread: | Treasuries plus 75 bps
|
| Price talk: | Treasuries plus 95 bps to 100 bps area
|
|
|
| 2030 notes
|
| Amount: | $1.25 billion
|
| Maturity: | Nov. 13, 2030
|
| Coupon: | 5.489%
|
| Spread: | Treasuries plus 85 bps
|
| Price talk: | Treasuries plus 105 bps to 110 bps area
|
|
|
| 2033 notes
|
| Amount: | $1.6 billion
|
| Maturity: | Nov. 13, 2033
|
| Coupon: | 5.593%
|
| Spread: | Treasuries plus 95 bps
|
| Price talk: | Treasuries plus 115 bps to 120 bps area
|
|
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