Viatris’ Recent Tender Offers: A Clearer Look
Viatris Inc. (NASDAQ: VTRS) has wrapped up cash tender offers tied to senior notes due in 2025, including notes issued by its subsidiary, Mylan Inc. Framed as “Any and All Tender Offers,” the process covered Viatris’ 1.650% Senior Notes and Mylan’s 2.125% Senior Notes—together called the “Any and All Notes.” The effort marks a deliberate move to streamline near-term debt and support the company’s broader financial strategy.
When the Offers Ended and Participation Levels
The tender offers concluded with strong investor participation. In total, $431,981,000 of the Viatris Notes and €208,100,000 of the Mylan Notes were validly tendered before the expiration. The offers expired at 5:00 p.m. on the specified date. A portion of notes remains subject to guaranteed delivery procedures and will be handled consistent with those terms.
What Participating Holders Will Receive
Holders who validly tendered and had their notes accepted can expect the following consideration. For Viatris Notes, the amount is $977.66 for each $1,000 principal amount. For Mylan Notes, the amount is €994.12 for each €1,000 principal amount. In each case, the consideration includes accrued and unpaid interest, reflecting Viatris’ intent to fairly compensate participating noteholders.
Next Steps and Ongoing Debt Actions
Viatris plans to satisfy and discharge the applicable indenture for any remaining Viatris Notes and intends to redeem the outstanding Mylan Notes. Together, these steps show a proactive approach to managing obligations coming due and keeping the capital structure in good working order.
How the Offers Are Being Funded
The company expects to fund the purchase of tendered notes with cash on hand. Using existing cash underscores Viatris’ ability to meet commitments while continuing to operate without disruption.
Dealer Managers Helping Execute the Offers
Viatris engaged experienced institutions as lead dealer managers for both the Viatris and Mylan Notes: Barclays Capital Inc., Citigroup Global Markets Inc., and J.P. Morgan Securities. Their role helped coordinate the offers and support a transparent, orderly process from launch through settlement.
About Viatris
Headquartered in the United States, Viatris works to expand access to high-quality healthcare worldwide. The company brings together the reach of generics and the reliability of brand medicines to serve patients broadly—currently about 1 billion people each year. With a diverse portfolio and a wide global supply chain, Viatris focuses on access and quality as it addresses a broad range of health needs.
Frequently Asked Questions
What exactly did Viatris offer to repurchase?
Viatris conducted cash tender offers for senior notes due in 2025: its own 1.650% Senior Notes and Mylan’s 2.125% Senior Notes. Together, these were the “Any and All Notes.”
How much participation did the tender offers receive?
Holders tendered $431,981,000 of Viatris Notes and €208,100,000 of Mylan Notes before the expiration time of 5:00 p.m. on the specified date. Some notes remain under guaranteed delivery procedures.
What consideration will participating holders receive?
For each $1,000 principal amount of Viatris Notes accepted, holders will receive $977.66. For each €1,000 principal amount of Mylan Notes accepted, holders will receive €994.12. These amounts include accrued and unpaid interest.
How will Viatris pay for the tendered notes?
The company plans to use cash on hand to fund the tender offers, reflecting available liquidity to meet these obligations.
Who managed the tender offers?
Barclays Capital Inc., Citigroup Global Markets Inc., and J.P. Morgan Securities served as lead dealer managers for both the Viatris and Mylan Notes.
