Genmab Wraps Up Leveraged Finance’s Biggest M&A Deal Since April

Genmab A/S completed the US leveraged finance market’s largest acquisition funding since April, raising $4.5 billion through junk bonds and a leveraged loan.

The Danish biotech firm priced a $2 billion loan three percentage points above the Secured Overnight Financing Rate, according to a person familiar with the matter. It also sold $2.5 billion of high-yield notes in two tranches, with yields of 6.25% and 7.25%, said the person, who asked not to be identified as they’re not authorized to speak publicly.

Both offerings priced tighter than initial talk, underscoring strong investor demand despite broader credit-market uncertainty and heightened ...