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.
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.