Pernod Ricard issues 1.5 billion euro in hybrid bonds
Pernod Ricard has completed a 1.5 billion euro hybrid bond offering to refinance existing debt and support general corporate requirements.
Alcohol producer Pernod Ricard has raised 1.5 billion euros through a subordinated hybrid bond offering. The issuance is structured into two tranches of 750 million euros each, with callable dates at 5.25 and 8 years respectively.
The proceeds are earmarked for general corporate purposes and the funding of a buyback offer for seven existing bond series scheduled to mature between 2027 and 2032. The new notes carry coupon rates of 5.625% and 6.125%, respectively.
Credit rating agencies Moody’s and Standard & Poor’s have assigned the new bonds ratings of Baa3 and BBB-, respectively. The company plans to list the securities on Euronext Paris.