CSL joins ASX healthcare gains as it issues $1.9b in corporate bonds
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The news: CSL joined healthcare sector gains on the ASX after the biotechnology company issued two long corporate bonds totalling USD1.25 billion ($1.91 billion).
The numbers: The company's financial services subsidiary CSL Finance will issue the two corporate bonds, with values of USD500 million 10-year at a fixed rate coupon of 5.106%, and USD750 million 30-year at a fixed rate coupon of 5.417%.
CSL shares were up 1.08% to $285.51 by 1:56pm AEDT.
The healthcare sector lifted 1.04%, with fellow biotech stocks Polynovo (3.1%), ResMed (1.74%), and Telix Pharmaceuticals (1.33%) also rising on Wednesday.
The context: Melbourne-based CSL said it intends to use the cash proceeds from the offering to refinance existing bank debt, with the remainder allocated for "general corporate purposes".
Settlement of the notes is expected on 3 April, subject to customary closing conditions.
The source: ASX announcement
