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With refinancing done, focus will now be on debt reduction: Biocon Biologics CFO

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With refinancing done, focus will now be on debt reduction: Biocon Biologics CFO

- Biocon Biologics, a subsidiary of Biocon Limited, has refinanced debt worth $1.1 billion through a mix of offshore bonds and term loans. - The company aims to repay the borrowed money used to acquire the global biosimilars portfolio of Viatris Inc, worth over $3 billion, in 2022. - Through the issuance of bonds due 2029, Biocon Biologics has raised $800 million at a coupon of 6.67%. - The funds raised will be used to substantially refinance the existing debt. - The company now plans to focus on reducing its debt burden by exploring various options, including potential debt reduction through an initial public offering (IPO). - The structure of the bond issuance allows Biocon Biologics to take advantage of potential future interest rate cuts.

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