Pernod Ricard launches bond tender offer and signals new debt issuance
Pernod Ricard has announced a tender offer for seven outstanding bond series maturing between 2027 and 2032, alongside plans to issue new hybrid notes.
Pernod Ricard announced on October 20 a tender offer to repurchase seven series of existing bonds with maturities ranging from 2027 to 2032. The company stated that the initiative is intended to proactively manage its capital structure and debt maturity profile.
Concurrent with the tender offer, the company signaled its intention to issue new subordinated hybrid notes denominated in euros under its EMTN program. The tender offer is contingent upon the successful issuance of these new securities. Existing bondholders participating in the buyback are being offered priority in the allocation of the new notes.
The tender window remains open until October 27, 2026, with the results expected to be released on October 28. While most of the targeted bond series are subject to a maximum acceptance amount, the company plans to repurchase all outstanding bonds maturing in September 2027, provided the new issuance proceeds as planned.