"Jones Day Advises Sanofi on $3 Billion Multi-Tranche Bond Issuance"

Jones Day advised Sanofi, the global biopharmaceutical group, in connection with its $3 billion bond issuance. Barclays Capital Inc., BNP Paribas Securities Corp., and BofA Securities, Inc. acted as global coordinators, while Barclays Capital Inc., BNP Paribas Securities Corp., BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., and Natixis Securities Americas LLC served as joint book-running managers for the transaction. The transaction involved a five-tranche bond issuance, including fixed-rate and floating-rate bonds maturing in 2027, 2028, and 2032. Specifically, the issuance comprised (i) $400 million in fixed-rate bonds maturing in November 2027 with an interest rate of 3.75%; (ii) $500 million in floating-rate bonds maturing in November 2027 with an interest rate of SOFR compounded + 0.46%; (iii) $400 million in fixed-rate bonds maturing in November 2028 with an interest rate of 3.80%; (iv) $500 million in floating-rate bonds maturing in November 2028 with an interest rate of SOFR compounded + 0.54%; and (v) $1.2 billion in fixed-rate bonds maturing in November 2032 with an interest rate of 4.20%. The bonds were issued under Sanofi's public bond issuance program (shelf registration statement) filed with the U.S. Securities and Exchange Commission (SEC) on April 4, 2024. Jones Day's capital markets team in Paris was led by Linda Hesse (Partner) and Seth Engel (Of Counsel), supported by Natalia Sauszyn (Partner), Bonnie Smith, and Yogesh Ramasawmy (Associates). In the United States, Peter Devlin (Partner) and Aaron Burnside (Associate) also contributed to the transaction. Additionally, Nicolas André (Partner) and Sean Jackowitz (Partner) provided advice on tax law aspects.

"Jones Day Advises Sanofi on $3 Billion Multi-Tranche Bond Issuance"

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