UAE - Mubasher: Hikma Pharmaceuticals, listed on Nasdaq Dubai and the London Stock Exchange, issued five-year Eurobonds worth $500 million with an annual interest rate of 3.25%.

The pharmaceutical sector's revenues are expected to grow in 2020, driven by the growing demand amid the coronavirus (COVID-19) pandemic.

The multinational group saw a good performance at the beginning of 2020, attributed to efforts to maximise its manufacturing capabilities to meet the rising demand for drugs during the COVID-19 crisis.

“We are very pleased to announce the successful placement of this Eurobond despite the COVID-19 pandemic which has caused uncertainty in the financial markets. The bond was three times oversubscribed backed by high interest from investors globally – a clear indication of the continuing confidence of international investors in our financial prospects," Hikma Chief Financial Officer (CFO), Khalid Nabilsi, said.

"The net proceeds of the issue will strengthen the company’s financial position and provide the financial flexibility to capitalize on opportunities to support our strategic growth plans," he added.

It is noteworthy to mention that the company was assigned 'BBB-' rating with a stable outlook from S&P Global and 'Ba1' with a stable outlook from Moody's.