Pernod Ricard: investors hugely oversubscribe to bond issue
(CercleFinance.com) - Pernod Ricard has announced that it has successfully placed a euro-denominated bond issue with qualified investors.
Totaling 1.5 billion euros the issue is in three tranches of 4, 8 and 12 years.
The group will apply to Euronext Paris for the securities to be listed.
"The transaction was well received by the market, with a total orderbook of E10.3bn for a total issue size of E1.5bn, resulting in an over subscription ratio of approximately 7 times," the wines and spirits group said.
The coupons paid are the lowest ever seen in its bond issues, including a coupon of 0% for a maturity of 4 years. The overall conditions of the issue enable the group to obtain funding at an average coupon of 0.46%, over a period of up to 12 years.
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