Genmab Completes $2.5 Billion Bond Offering, Funds Acquisition of Merus

Genmab has closed a $1.5bn senior secured notes offering and a $1bn senior unsecured notes offering. The net proceeds from the offering, along with borrowings under new credit facilities, will be used to fund the consideration payable for the acquisition of Merus N.V. and related fees and expenses. The senior secured notes will be secured by certain assets of Genmab and its subsidiaries, while the senior unsecured notes will be guaranteed by certain subsidiaries of Genmab. The indentures governing the notes contain customary covenants that restrict debt, dividends, and asset sales.