AkzoNobel successfully raises € 1.2 billion via a dual-tranche bond

AkzoNobel has announced the launch of a dual-tranche bond of € 1.2 billion consisting of two €600 million tranches each at attractive terms, with six-year and ten-year maturities and coupons of 1.5% and 2.0% respectively.

The bond issue (officially launched on March 21, 2022), extends the duration of the company’s overall bond portfolio, taking advantage of favorable market conditions. The bonds will be issued by Akzo Nobel N.V. and will be listed on the Luxembourg Stock Exchange. Settlement is scheduled for March 28, 2022, with the bonds maturing on March 28, 2028 and March 28, 2032. 

The company has a strong balance sheet and solid cash position. On December 31, 2021, net cash and cash equivalents were €1.2 billion and financial leverage was 1.6x net debt/EBITDA. The company has a €1.3 billion unutilized revolving credit facility with a maturity of 2027. The next bond maturity is €750 million in July 2022. AkzoNobel is committed to retain a strong investment grade credit rating. 

About AkzoNobel

We supply the sustainable and innovative paints and coatings that our customers, communities – and the environment – are increasingly relying on. That’s why everything we do starts with People. Planet. Paint. Our world class portfolio of brands – including Dulux, International, Sikkens and Interpon – is trusted by customers around the globe. We’re active in more than 150 countries and have set our sights on becoming the global industry leader. It’s what you’d expect from a pioneering paints company that’s committed to science-based targets and is taking genuine action to address globally relevant challenges and protect future generations.