Global law firm White & Case LLP has advised the banks on Ipsen's bank and bond refinancing.
White & Case advised a banking syndicate led by BNP Paribas and Société Générale as global coordinators and joint bookrunners, and BofA Securities SA, Crédit Agricole Corporate and Investment Bank, Crédit Industriel et Commercial S.A., HSBC Continental Europe and Natixis as joint bookrunners, on Ipsen's inaugural €500 million bond issue maturing in 2032.
The bonds bear an annual interest rate of 3.875% and are admitted to trading on the regulated market of Euronext Paris. The proceeds of the issue will be used for Ipsen's general corporate purposes and enable the group to diversify and extend the maturity of its financial resources and support its strategy of investing and developing its product portfolio.
White & Case also advised a pool of ten banks including BNP Paribas, Crédit Agricole Corporate and Investment Bank, Crédit Lyonnais, HSBC Continental Europe, Société Générale, Bank of America Europe Designated Activity Company, BRED Banque Populaire, Crédit Industriel et Commercial, Natixis and Wells Fargo Bank International U.C. as arrangers and lenders, on the renewal of Ipsen's €1.5 billion syndicated Revolving Credit Facility for a period of five years with two possible extensions of one year each. The renewal significantly extends Ipsen's debt maturity profile.
Ipsen is a global biopharmaceutical company with a focus on bringing medicines to patients in three therapeutic areas – oncology, rare disease and neuroscience. Its shares are admitted to trading on the regulated market of Euronext Paris and in the US through a sponsored level I American Depositary Receipt programme.
The White & Case team in Paris which advised on Ipsen's inaugural bond issue was led by partners Thomas Le Vert and Tatiana Uskova and included partners Max Turner and Estelle Philippi and associates Sébastien Caciano and Claire Sardet. The team in Paris which advised on the renewal of Ipsen's syndicated Revolving Credit Facility was led by partner Raphaël Richard and included counsel Kevin Boyero and associate Anna Nijaradzé.
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