Friday 29 March 2024
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Barry Callebaut successfully prices bond

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ZÜRICH, Switzerland – Barry Callebaut AG (the “Company”), the world’s leading manufacturer of high-quality cocoa and chocolate products, announced today the successful placement of EUR 450 million 8-year 2.375% Senior Fixed Rate Notes (the “Notes”) at an issue price of 99.104, yielding 2.5%.

The offering of the Notes created sizeable demand and was significantly oversubscribed, allowing the Company to price at a historically low coupon and substantially improve the Company’s financial flexibility as well as its liquidity profile.

The Notes are due on May 24, 2024 with a coupon of 2.375%. Credit Suisse, ING, Rabobank and Societé Générale acted as joint lead managers and active bookrunners for the issuance.

The Notes – issued by Barry Callebaut Services N.V. – will be guaranteed by the Company and certain material subsidiaries. The Notes are unsecured and rank fully pari passu with all other senior, unsecured, unsubordinated debt.

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The Notes are to be rated Ba1 by Moody’s and BB+ by Standard & Poor’s. Barry Callebaut will use the net proceeds from the offering to repay certain existing indebtedness, and for general corporate purposes.

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