Novo Nordisk to issue Euro medium term notes worth up to EUR 5bn

On Friday, Denmark's largest pharmaceutical company announced the establishment of an EMTN program in which the company provides a framework for issuing unsecured notes worth billions of euros. The company states the proceeds will be put towards "general corporate purposes".

Photo: Stine Tidsvilde

The hunt for capital for general corporate purposes has led Novo Nordisk to establish a Euro Medium Term Note (EMTN) program through which it can issue unsecured notes up to an aggregated principal amount of EUR 5bn (USD 6.1m), according to a Friday press release from the firm.

"Novo Nordisk intends to initially issue two series of notes aggregating to a principal amount EUR 1.3bn. The expected net proceeds from the issuances will be used by Novo Nordisk for general corporate purposes, including refinancing of the bridge loan facility established in connection with Novo Nordisk's acquisition of Emisphere Technologies Inc. in 2020. The notes will be listed on the Euronext Dublin," reads the press statement.

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