(Bloomberg) -- Takeda Pharmaceutical Co., a drugmaker that distributes Moderna Inc.'s vaccine in Japan, is planning what would be its second-biggest yen bond sale ever next week.
The Tokyo-based company is scheduled to price a 200 billion yen ($1.8 billion) 10-year note on Oct. 8, and intends to use the funds to refinance its existing debt, according to underwriter SMBC Nikko Securities Inc. That would be its largest Japanese-currency sale after a jumbo 500 billion yen offering in 2019 to help pay for its takeover of Shire Plc.
Japan temporarily suspended the use of Moderna shots in August, and Takeda and Moderna said Friday that their investigation into foreign particles in the vaccine found no undue risk to patient safety. Moody's Investors Service upgraded its outlook on Takeda's Baa2 rating to positive in September, citing the firm's debt reduction and favorable developments in its late-stage drug pipeline.
The Japanese drugmaker is a regular borrower in both the domestic and overseas debt markets. It sold $7 billion dollar bonds and 3.6 billion euro notes last year.
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