Takeda Plans What Could Be Japan Inc.'s Biggest Local Bond
- Firm has taken on massive debt for $62 billion Shire purchase
- Company plans 60-year subordinated bond that has call option
The Takeda Pharmaceutical Co. logo.
Photographer: Kiyoshi Ota/BloombergThis article is for subscribers only.
Takeda Pharmaceutical Co. has filed to issue up to 500 billion yen ($4.5 billion) of notes in what would be corporate Japan’s biggest ever bond if done in a single tranche.
The Osaka-based drug maker has taken on massive debt for its $62 billion takeover of Shire Plc, which vaulted it into the ranks of the 10 biggest drug makers by sales while more than doubling its borrowing level. Chief Financial Officer Costa Saroukos said at the company’s earnings presentation on Feb. 1 that management doesn’t intend to increase its debt load further, but may look to “optimize” the structure by refinancing certain borrowings.