Pernod Ricard Successfully Issues €1.5 Billion in Hybrid Bonds

Pernod Ricard announced the successful completion of its €1.5 billion hybrid bonds issuance. The company’s senior debt holds a Baa1 rating from Moody’s and BBB+ from Standard & Poor’s, both with a negative outlook. The issuance, divided into two tranches, consists of Euro-denominated undated non-call deeply subordinated fixed rate resettable notes. The favorable market conditions allowed pricing at 5.625% for the Perpetual Non-Call 5.25 tranche and 6.125% for the Perpetual Non-Call 8 tranche.

Proceeds will fund general corporate purposes, including a tender offer on seven series of existing notes maturing from 2027 to 2032. The bonds, rated Baa3 by Moody’s and BBB- by Standard & Poor’s, target qualified investors and will be listed on Euronext Paris.