Genmab Announces Closing of Private Offering of Senior Secured Notes and Senior Unsecured Notes

Core Viewpoint - Genmab A/S has successfully closed an offering of $1.5 billion in senior secured notes and $1.0 billion in senior unsecured notes to fund the acquisition of Merus N.V. and related expenses [1][2]. Group 1: Offering Details - The offering includes $1.5 billion of 6.250% senior secured notes due 2032 and $1.0 billion of 7.250% senior unsecured notes due 2033 [1]. - The net proceeds from the offering will be used alongside new credit facilities totaling $3.5 billion to finance the acquisition of Merus N.V. and associated costs [2]. Group 2: Security and Guarantees - Prior to the acquisition closing, the notes will be secured by segregated accounts holding the gross proceeds [3]. - After the acquisition, the secured notes will be backed by a first priority security interest in certain assets of Genmab and its subsidiaries [3]. Group 3: Covenants and Restrictions - The indentures governing the notes include customary covenants that restrict Genmab and its subsidiaries from incurring additional debt, paying dividends, and engaging in significant asset disposals or mergers [4]. Group 4: Regulatory Compliance - The notes have not been registered under the Securities Act and are offered only to qualified institutional buyers or non-U.S. persons outside the United States [5].