Homburger advises Roche Holding AG on the financing of the repurchase of the Novartis stake in Roche Holding

On November 3, 2021, Roche Holding AG as borrower entered into a CHF 9,814 bn and USD 10 bn bridge facility agreement with BNP Paribas S.A. and Deutsche Bank AG each as Arranger, Deutsche Bank Luxembourg S.A. as Agent and a syndicate of international banks as Lenders.

On December 13, 2021, Roche Holdings, Inc. successfully completed its issuance of USD 2 bn 1.930% Notes due 2028, USD 2 bn 2.076% Notes due 2031 and USD 2 bn 2.607% Notes due 2051, which are irrevocably and unconditionally guaranteed by Roche Holding AG.

The borrowings under the Bridge Facility have been, and the net proceeds from the issuance of the Notes are expected to be, used in connection with Roche Holding AG’s repurchase of 53.3 m of its shares from Novartis Holding AG.

Homburger advised Roche on all Swiss law aspects of the transaction. The Homburger team was led by partner Jürg Frick (Financing and Investment Products / Capital Markets), and included partners Heinz Schärer (Corporate / M&A), David Oser (Corporate / M&A), Stefan Oesterhelt (Tax) and Dieter Grünblatt (Tax), counsel Lee Saladino (Capital Markets) and Micha Fankhauser (Corporate / M&A), and associates Sofiya Shavlak (Capital Markets) and Stefan Bindschedler (Financing and Investment Products).