Sanofi's $20B Consumer Health Unit Sale: Goldman Sachs, Morgan Stanley Line Up $6.5B Financing
Sanofi's $20B Consumer Health Unit Sale: Goldman Sachs, Morgan Stanley Line Up $6.5B Financing
Goldman Sachs Group Inc. (NYSE:GS) and Morgan Stanley (NYSE:MS) are reportedly preparing to arrange more than $6.5 billion (6 billion euros) in debt financing for potential buyers interested in acquiring Sanofi SA's (NASDAQ:SNY) consumer health division.
高盛集團和大摩資源lof (紐交所:GS, MS) 正據稱，爲有意收購賽諾菲安萬特 (納斯達克:SNY) 消費業務的潛在買家準備了超過65億美元 (60億歐元) 的債務融資。
This move highlights banks' strong interest in supporting leveraged buyouts through pre-arranged financing.
此舉凸顯了銀行業對支持預安排融資的併購交易的濃厚興趣。
The financing effort, spearheaded by Goldman Sachs and Morgan Stanley, forms part of Sanofi's strategy to divest its $20 billion consumer health business.
由高盛和大摩資源lof主導的融資工作是賽諾菲策略的一部分，旨在剝離其價值200億美元的消費業務。
Advisers, including Bank of America Corp. (NYSE:BAC) and BNP Paribas SA are also involved in the financing, Bloomberg noted citing the sources familiar with the matter.
引用熟悉本事的消息人士，彭博社指出，包括美國銀行 (紐交所:BAC) 和法國巴黎銀行 (PARIS:BNP) 在內的顧問也參與了融資工作。
Also Read: Sanofi Nears Decision on $1.6B Upgrade For Frankfurt Insulin Plant.
還閱讀：賽諾菲臨近決策，對法蘭克福胰島素工廠進行1.6億歐元升級。
A notable component of the financing package is a payment-in-kind (PIK) loan, anticipated to exceed 1.5 billion euros.
融資方案中的一個顯著成分是支付利息的 (PIK) 貸款，預計超過15億歐元。
PIK loans, known for their borrower-friendly terms, alleviate immediate interest pressures but inflate overall debt burdens.
PIK貸款以借款人友好的條件爲特點，可以減輕立即面臨的利息壓力，但會增加全部負債。
Typically, banks shy away from underwriting PIK debt due to its risk profile, often prompting buyers to seek PIK financing from direct lenders instead.
通常，由於其風險特徵，銀行業會迴避承銷PIK債務，往往促使買家尋求直接貸款從而獲得PIK融資。
Sanofi's decision to explore divestment options, including a potential sale, comes amid a robust market for financing risky transactions.
賽諾菲考慮了包括潛在出售在內的剝離選項，這是在風險交易市場蓬勃發展的背景下做出的決定。
The uncertainty stemming from the recent French legislative elections has introduced cautious optimism among potential bidders, who must navigate substantial equity commitments within the evolving political landscapes.
最近的法國立法選舉帶來的不確定性爲潛在競標者帶來謹慎的樂觀心態，他們必須在不斷變化的政治格局中導航，承擔相當大的股權義務。
Despite these challenges, first-round bids for Sanofi's consumer health unit are expected imminently.
儘管面臨這些挑戰，賽諾菲的消費業務首輪報價有望迅速出現。
The Bloomberg report adds the resurgence of traditional lenders in funding high-risk transactions underscores growing investor confidence in stabilized interest rates.
彭博報道還指出，傳統貸款人在支持高風險交易的融資方面的復甦，凸顯了投資者對穩定的利率期貨的信懇智能的增強。
Banks are now more willing to underwrite substantial acquisitions, selling off debt through syndicated loans, perceived as more affordable than private credit alternatives.
銀行現在更願意承擔大量收購，通過銀團貸款出售債務，被視爲比私人信貸更經濟實惠。
Should banks secure financing for Sanofi's consumer health division, prospective buyers will likely explore funding avenues in both euros and dollars, leveraging high-yield bonds and syndicated loans to optimize capital structures.
如果銀行爲賽諾菲的消費業務獲得融資，潛在買家可能會探索歐元和美元兩種貨幣的資金來源，利用高收益債券和銀團貸款來優化資本結構。
Price Action: SNY shares were trading higher by 0.25% to $51.34 at the last check on Friday.
股票價格行情：SNY股票最新交易價格上漲0.25%，至51.34美元。
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
免責聲明：本內容部分使用人工智能工具生成，並經Benzinga編輯審核發佈。
- Sanofi Looks To Sell $20B Icy Hot Division: Likely Bidders Include Advent, PAI Partners, Blackstone, CVC.
- 賽諾菲尋求出售價值200億美元的止痛貼膏業務：可能的競購者包括興業、PAI Partners、黑石和CVC。
Image by HJBC via Shutterstock
圖像來自Shutterstock用戶HJBC。
譯文內容由第三人軟體翻譯。