By Marisa Wong
Los Angeles, May 28 – Firmenich announced it priced an inaugural €750 million hybrid notes (BB+) offering, consisting of deeply subordinated resettable perpetual notes with a 5¼-year non-call period and an initial coupon rate of 3¾%.
Citigroup and UBS Investment Bank acted as joint global coordinators, joint structuring advisers and joint bookrunners for the oversubscribed offering.
The notes make up the last part of the financing for Firmenich’s acquisition of Les Derives Resiniques et Terpeniques SAS (DRT). Firmenich had issued some euro and Swiss franc bonds in April.
The latest notes will be listed on Euronext Dublin.
Firmenich is a flavor and fragrance company based in Geneva.
| Issuer: | Firmenich
|
| Issue: | Deeply subordinated resettable perpetual notes
|
| Amount: | €750 million
|
| Maturity: | Perpetual
|
| Bookrunners: | Citigroup and UBS Investment Bank
|
| Co-managers: | Credit Suisse and Goldman Sachs International
|
| Coupon: | 3¾% initially
|
| Call option: | Non-callable for 5¼ years
|
| Announcement date: | May 28
|
| Rating: | S&P: BB+
|
| Listing: | Euronext Dublin
|
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