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Hikma Pharmaceuticals has priced its $500 million Reg S 5-year senior unsecured bond, with a 5.223% yield and a spread set at 135 basis points over Treasuries. The bond has a fixed coupon payment at 5.125%, semi-annual in arrear.
Final books were at $600 million, with Hikma Finance USA listed as the issuer.
Hikma Pharmaceuticals, which is listed on the London Stock Exchange and Nasdaq Dubai, is the guarantor on the bond, with a rating of BBB Stable by S&P and BBB Stable by Fitch, in line with the expected issue rating.
The settlement date for the notes is July 8, 2025.
Citi and HSBC have been appointed as Joint Global Coordinators, with Citi, Emirates NBD Capital, HSBC, Mashreq and Mizuho named as Joint Lead Managers and Bookrunners.
The bond will be listed on the International Securities Market of the London Stock Exchange.
Founded in Jordan in 1978, Hikma is the second largest pharmaceutical company in MENA by sales.
Last week, Hikma unveiled a $1 billion investment strategy to bolster its manufacturing and research capabilities across the US by the year 2030. The company’s expansion will enhance facilities in Ohio and New Jersey.
(Writing by Bindu Rai, editing by Daniel Luiz)
