Sidley represented GSK on its €3.5 billion issuance of Notes, comprising €850,000,000 Floating Rate Notes due March 2028; €1,000,000,000 3.500 per cent Notes due 2030; €850,000,000 3.875 per cent Notes due 2034; and €800,000,000 4.125 per cent Notes due 2037. The Notes were issued by GSK Capital B.V. and are fully and unconditionally guaranteed by GSK plc. The transaction represented GSK’s joint-largest single-day issuance in the euro bond markets.
GSK used the net proceeds from the offering to repay outstanding amounts under its acquisition facility related to its recently completed acquisition of Nuvalent, Inc., and for general corporate purposes.
David Howe, head of Sidley’s English law Capital Markets team, commented: “We are delighted to have supported GSK on another significant financing. The size and quality of the order books across the four tranches reflect GSK’s strong standing in the international debt capital markets. Sidley has advised GSK on its European debt capital markets transactions for over 25 years, and we are very pleased to continue our long-standing relationship with the company on this transaction.”
The Sidley team was led by Capital Markets partners David Howe and Omar Shafi, with support from associate Jong-Ihn Chung and trainee solicitor Sepanta Tabatabaei, all based in Sidley’s London office.
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