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Gujarat Themis Uses Private Credit for Japanese Acquisition
Gujarat Themis Biosyn is an Indian medicine company.
It plans to buy a Japanese company called MicroBiopharm Japan.
To help pay for the purchase, it borrowed money from Orion Capital Asia.
The Orion financing totaled ¥9.2 billion, or about $58 million.
Gujarat Themis also raised 5.85 billion rupees through special debt securities.
Avendus Capital and Edelweiss Alternatives bought those securities.
The money will be invested in Gujarat Themis’ Japanese subsidiary and used for other company needs.
The deal shows that private lenders are helping Asian companies expand into other countries.
Gujarat Themis Biosyn obtained ¥9.2 billion ($58 million) from Orion Capital Asia to help finance its purchase of MicroBiopharm Japan.
The Indian drugmaker announced the ¥21.5 billion acquisition of the Japanese company in May.
Gujarat Themis also raised 5.85 billion rupees ($61 million) through secured debentures and notes.
Avendus Capital and Edelweiss Alternatives purchased the rupee-denominated debt, with Avendus acting as lead investor.
The financing will support the acquisition through Gujarat Themis’ wholly owned Japanese subsidiary and fund general corporate purposes.
- Who
- Gujarat Themis Biosyn, Orion Capital Asia, MicroBiopharm Japan, Avendus Capital, and Edelweiss Alternatives.
- What
- Gujarat Themis obtained private credit and issued rupee-denominated debt to help finance its planned acquisition of MicroBiopharm Japan.
- Where
- The transaction involves an Indian buyer, a Japanese target, and financing from Asian and Indian private-credit investors.
- When
- The acquisition was announced in May, and the company’s financing statement was dated September 16.
- Why
- The financing will fund the acquisition through Gujarat Themis’ wholly owned Japanese subsidiary and support general corporate purposes.
Key facts
- Acquisition target
- MicroBiopharm Japan Co.
- Announced purchase price
- ¥21.5 billion
- Orion financing
- ¥9.2 billion ($58 million)
- Additional debt raised
- 5.85 billion rupees ($61 million)
- Debt terms
- Secured five-year debentures at 10% and 18-month notes at 17.75%
- Rupee-debt investors
- Avendus Capital and Edelweiss Alternatives
- Use of proceeds
- Investment in Gujarat Themis’ wholly owned Japanese subsidiary and general corporate purposes
Sources
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