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Serono raises CHF600mm with debt financing

Executive Summary

Serono SA (focuses on neurology, metabolism, and growth) has raised CHF600mm ($440mm) with the placement of five-year 0.50% senior unsubordinated convertible bonds. They will each convert into 3.53 bearer shares at CHF1.4k apiece (a 53.8% premium to the current price). If the bonds are not converted prior to their maturity date in 2008, they will be redeemed at 105.8% (a yield to maturity of 1.63% per annum).
Deal Industry
  • Pharmaceuticals
Deal Status
  • Final
Deal Type
  • Financing
    • Convertible Debt
    • FOPO

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