Media Release
COPENHAGEN, Denmark; December 3, 2025
Genmab A/S (Nasdaq: GMAB) (“Genmab”) announced today that it and its wholly owned subsidiary Genmab Finance LLC (“Genmab Finance”) have closed their previously announced offering of $1.5 billion of 6.250% senior secured notes due 2032 (the “Secured Notes”) and $1.0 billion of 7.250% senior unsecured notes due 2033 (the “Unsecured Notes,” and together with the Secured Notes, the “Notes”).
Genmab intends to use the net proceeds from this offering of the Notes, together with borrowings under the new $2.0 billion senior secured term loan “B” facility, the $1.0 billion senior secured term loan “A” facility and the $500 million senior secured revolving credit facility (collectively, the “New Credit Facilities”) and cash on hand, to fund the consideration payable in connection with the pending acquisition (the “Acquisition”) of Merus N.V. (“Merus”) and related fees and expenses in connection with the Acquisition, the borrowings under the New Credit Facilities and the issuance of the Notes.
Prior to the Acquisition closing, the Notes and the related guarantees from Genmab subsidiaries will be secured solely by segregated accounts of Genmab in which the gross proceeds of the Notes will be held. Following the purchase of all Merus common shares tendered in the previously announced tender offer by Genmab, the Secured Notes will be secured by a first priority security interest in certain assets of Genmab and its subsidiaries that will guarantee the obligations under the New Credit Facilities, in accordance with certain customary practices in the relevant jurisdictions, and subject to certain thresholds, exceptions and permitted liens. The Secured Notes are unconditionally guaranteed on a senior secured basis and the Unsecured Notes are unconditionally guaranteed on a senior unsecured basis by certain subsidiaries of Genmab that will guarantee the obligations under the New Credit Facilities.
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