AkzoNobel announces new bond and launches tender offer

Published: 9-Dec-2011
Ingredients Finance

Move to improve the company’s debt maturity profile well received


AkzoNobel has announced that the company intends to issue an €800m bond with a seven year maturity, at a coupon of 4%. The announcement of the bond was well received by the market with an order book exceeding €3bn.

AkzoNobel has simultaneously announced a tender offer to repurchase an estimated €600m of its previously issued bonds, specifically bonds set to mature in January 2014 (7.75%, €1bn) and March 2015 (7.25%, €975m).

The new bond issue and purchase of existing bonds will improve the overall debt profile of AkzoNobel, further reducing future refinancing risk and improving its maturity profile.

The buyback of company bonds will result in an accounting loss, which will be determined at the end of the tender process. However, this loss will be offset by the significantly reduced coupon on the new seven-year bond.

The new bonds will be issued by Akzo Nobel NV and will be listed on the Luxembourg Stock Exchange. Settlement is scheduled for 15 December 2011 and the bonds will mature on 17 December 2018.

AkzoNobel is committed to maintaining a strong investment grade rating. Currently the company has a BBB+ rating with Standard & Poor’s and a Baa1 rating with Moody’s.

For more details on the tender offer, please refer to the announcement relating to the tender offer published by Akzo Nobel NV and Akzo Nobel Sweden Finance AB (publ) on the website of the Luxembourg Stock Exchange dated 8 December 2011.

Further details of the outcome of the tender offer will be announced when completed.
  • Companies:
  • Nouryon
See more

You may also like

You need to be a subscriber to read this article.
Click here to find out more.
Ingredients

The ‘mob wife’ trend is reviving big hair, so here are the polymers your styling products need

Read more
Rouah Al-Wakeel explores key ingredients in hair products to achieve the voluminous 80’s hairstyles trending on TikTok

Trending Articles

  1. Nivea helps push Beiersdorf sales to €4.9 billion in H1 Sun protection was pinpointed as a strong performance segment for the German giant's Nivea, Eucerin and Aquaphor brands
  2. Nivea owner Beiersdorf sales top €2.5 billion in Q1 2023 La Prairie’s performance lagged during the quarter despite the overall sales increase, with sales down 12% compared with last year
  3. Update: Space NK confirms bank to manage £400 million sale The retailer recently announced plans for rapid store expansion, with at least four more stores set to open in 2024 in the UK and Ireland
  4. Coty closes historic acquisition of 41 P&G beauty brands Landmark deal completes, catapulting Coty to the position of third-largest beauty company in the world
  5. Estée Lauder Q3 sales bounce back after lagging second quarter Recovery in the Asia travel retail segment, as well as strong performances from La Mer and The Ordinary, boosted sales during the period

Upcoming event

China Beauty Expo

22-24 May | Shanghai, China See all

You may also like

You need to be a subscriber to read this article.
Click here to find out more.
Ingredients

The ‘mob wife’ trend is reviving big hair, so here are the polymers your styling products need

Rouah Al-Wakeel explores key ingredients in hair products to achieve the voluminous 80’s hairstyles trending on TikTok
You need to be a subscriber to read this article.
Click here to find out more.
Ingredients

Touchy feely: Ingredients to add hands-on appeal

With hugging and physical contact back on the agenda, we look at some of the ingredients to help skin care makers channel the power of touch
You need to be a subscriber to read this article.
Click here to find out more.
Ingredients

Sun care ingredients that won’t cost the planet

While there is no definitive proof that oxybenzone or octinoxate-containing products can damage coral reefs, ‘reef-friendly’ claims are sought after by consumers. So, what materials on the market ensure your sunscreen is as kind to the planet as possible?
You need to be a subscriber to read this article.
Click here to find out more.
Ingredients

The potential legislative pitfalls gracing the polymer sector

Versatile polymers add flexible hold to hairstyling products, application benefits and vibrancy to make-up and formulation stabilising properties generally. But there are potential new legislative pitfalls, as John Woodruff explains
Ingredients

Nouryon launches bio-based polymer for ‘weightless’ hair styling

Nouryon (formerly AkzoNobel Specialty Chemicals) has expanded its offering to customers in the personal care market with a bio-based polymer, Amaze SP, helping formulators to meet the latest consumer trends in hair styling
Ingredients

Nouryon launches bio-based polymer for weightless hair styling

The new polymer is a result of the firm's partnership with Itaconix
You need to be a subscriber to read this article.
Click here to find out more.
Ingredients

Natural chelating agents prove their power

Lucy Simmonds explains how you can improve the performance of your cosmetic formulations by using natural chelating agents
Subscribe now