Thermo Fisher Makes History with CHF 1.425 Billion Bond Offering
Deal News | Mar 10, 2025 | Wilmer Cutler Pickering Hale and Dorr LLP
Thermo Fisher Scientific Inc. has successfully closed a landmark offering of CHF 1.425 billion in bonds, representing the largest Swiss franc bond issuance ever by a US corporate issuer. The offering consisted of bonds with varying maturity dates and interest rates: CHF 410 million due 2026 at 0.8320%, CHF 315 million due 2029 at 1.1250%, CHF 350 million due 2033 at 1.4175%, CHF 215 million due 2037 at 1.6524%, and CHF 135 million due 2045 at 1.8975%. These bonds will be listed on the SIX Swiss Exchange. Wilmer Cutler Pickering Hale and Dorr LLP, known as WilmerHale, served as US special counsel in this deal. UBS AG, UBS Investment Bank, BNP Paribas (Suisse) SA, and Deutsche Bank AG London Branch, operating through their respective Swiss branches, were the joint lead managers. This offering set a precedent in the Swiss bond market, indicating a robust demand for US corporate bonds denominated in Swiss francs.
Sectors
- Corporate Finance
- Legal Advisory
- Investment Banking
Geography
- United States – Thermo Fisher Scientific Inc. is a US-based corporation involved in the bond offering.
- Switzerland – The bonds are CHF-denominated and listed on the SIX Swiss Exchange, involving significant Swiss financial elements such as UBS, BNP Paribas (Suisse) SA, and Deutsche Bank's Zurich branch.
Industry
- Corporate Finance – The article discusses a significant bond issuance deal, which falls within the corporate finance sector focused on capital raising activities.
- Legal Advisory – WilmerHale's role as US special counsel for the bond offering illustrates the involvement of the legal advisory industry.
- Investment Banking – UBS, BNP Paribas, and Deutsche Bank acted as joint lead managers, highlighting the critical role of investment banking in structuring and managing bond offerings.
Financials
- CHF 1.425 Billion – The total aggregate principal amount of the bond issuance.
- CHF 410 Million – 0.8320% bonds due 2026.
- CHF 315 Million – 1.1250% bonds due 2029.
- CHF 350 Million – 1.4175% bonds due 2033.
- CHF 215 Million – 1.6524% bonds due 2037.
- CHF 135 Million – 1.8975% bonds due 2045.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Thermo Fisher Scientific Inc. | Issuer | Company | A leading American multinational corporation that arranged a record-breaking Swiss franc bond issue. |
| Wilmer Cutler Pickering Hale and Dorr LLP | Legal Advisor | Company | International law firm acting as US special counsel to Thermo Fisher for the bond issuance. |
| UBS AG | Joint Lead Manager | Company | Provided investment banking services to manage the bond issuance through its business division. |
| BNP Paribas (Suisse) SA | Joint Lead Manager | Company | Swiss subsidiary of BNP Paribas involved in the bond issuance. |
| Deutsche Bank AG London Branch | Joint Lead Manager | Company | Acted as a manager through Deutsche Bank AG Zurich Branch for the bond issuance. |