Arkema: prices E300m undated hybrid notes
(CercleFinance.com) - Arkema announces that it has successfully priced 300 million euros of undated hybrid notes, at a yearly coupon of 1.
5% until the first call date after 6 years.
The chemist explains that it thus acquires the possibility to refinance the remaining E300m portion of its outstanding 4.75% hybrid notes with a first call date on October 2020.
The bonds will be subordinated to any senior debt and will be recognised in equity, in accordance with IFRS rules. 50% of their amount will be subject to capital treatment by the rating agencies Moody's and Standard and Poor's.
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