February 27, 2009 / 6:38 AM / 10 years ago

UPDATE 1-Roche details bonds offerings for Genentech bid

(adds details, background)

ZURICH, Feb 27 (Reuters) - Swiss drugmaker Roche ROG.VX said on Friday it had completed a mammoth issue of dollar notes and gave details on further offerings in sterling and euros to finance a portion of its hostile bid for U.S. group Genentech DNA.N.

Roche is expected to up its $42 billion offer for the 44 percent of Genentech it does not already own after a special committee to the biotech firm’s board recommended shareholders reject the offer.

Roche completed offerings for fixed- and floating-rate dollar notes totalling $16.5 billion, the company said in a statement.

It also offered notes in euros for 11.25 billion ($14.32 billion) and one 1.25 billion ($1.78 billion) note in sterling, possibly the largest Eurobond financing from a corporate in euros and sterling on record.

The combined dollar, euro and sterling offer is expected to be the biggest corporate debt financing since the telecom financing boom in the early 2000.

The note offerings will allow Roche to finance about three quarters of its bid for Genentech. The rest is expected to come from banks.

($1=.7853 Euro)

($1=.7020 Sterling)

Writing by Lisa Jucca; editing by John Stonestreet

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