AkzoNobel has announced the launch of a €750 million bond at attractive terms, with a ten-year maturity and a coupon of 1.625%.

The bond issue (officially launched on April 7, 2020), extends the duration of the company’s overall bond portfolio, taking advantage of favorable market conditions. The bond will be issued by Akzo Nobel N.V. and will be listed on the Luxembourg Stock Exchange. Settlement is scheduled for April 14, 2020, with the bonds maturing on April 14, 2030.

The company has a strong balance sheet and solid cash position. At December 31, 2019, net cash and cash equivalents were €1.2 billion and financial leverage was 0.7x net debt/EBITDA. The company has a €1.3 billion unutilized revolving credit facility with a maturity of 2025. The next bond maturity is €750 million in July 2022. AkzoNobel is committed to retain a strong investment grade credit rating.

About AkzoNobel

AkzoNobel has a passion for paint. We’re experts in the proud craft of making paints and coatings, setting the standard in color and protection since 1792. Our world class portfolio of brands – including Dulux, International, Sikkens and Interpon – is trusted by customers around the globe. Headquartered in the Netherlands, we are active in over 150 countries and employ around 33,000 talented people who are passionate about delivering the high-performance products and services our customers expect.