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Danone begins tender offer for up to €500 million of hybrid bonds
By Marisa Wong
Los Angeles, Sept. 7 – Danone announced it launched a cash tender offer to repurchase up to €500 million of its €1.25 billion undated deeply subordinated fixed-rate resettable notes issued on Oct. 30, 2017 with a first call date on March 23, 2023.
The tender offer began on Tuesday and will expire on Sept. 14. Results will be announced on Sept. 15.
Danone also announced it plans to issue new euro-denominated undated non-call 5.25-year deeply subordinated fixed-rate resettable notes (expected: Baa3/BBB-).
Priority allocation of the new notes may be applied for holders of the existing hybrid bonds expressing their intention to tender securities under the tender offer.
Completion of the refinancing tender offer is conditioned on pricing of the new notes.
The food and beverage company is based in Paris.
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