Shire (SHP) has taken advantage of current low borrowing costs to refinance the debt raised to fund its recent takeover of Baxalta. The UK's third-largest pharma company has raised $12bn (£9.23bn) through the issuance of bonds, which it plans to use to repay the bridge loans it opened to finance its $32bn takeover of the rare disease specialist.
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The deal represents the first bond offering from Shire and is the eighth-largest corporate bond issuance of 2016 - a year that has seen such financing methods accelerate as companies attempt to take advantage of low borrowing costs.