Tecan Group Issues CHF 250 Million Inaugural Straight Bond
September 21, 2021 at 11:45 am
Tecan Group successfully raised CHF 250 million debt through the issuance of a fixed rate domestic straight bond. The bonds bear a 0.050% coupon and have a duration of 4 years (final maturity October 6, 2025). Settlement date of the bonds is October 6, 2021. The bonds will be listed and traded on the SIX Swiss Exchange. The net proceeds of the issue will partly refinance the USD 1.0 billion (CHF 920 million) acquisition of Paramit Corporation, a leading OEM developer and manufacturer of medical devices and life science instruments, that was announced on June 23, 2021 and successfully closed on August 2, 2021. The bonds were placed with institutional investors and private banks in Switzerland under the joint lead management of Credit Suisse and Zürcher Kantonalbank.