Bonds
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The issuance of bonds is mainly used to finance acquisitions and to restructure existing debt. The bonds are issued flexible in various currencies and maturities depending on financing needs.
In September 2016, Henkel issued fixed-rate bonds with a total volume of 2.2 billion euros for the purpose of financing a major portion of the acquisition of The Sun Products Corporation. The first tranches with volumes of 500 million euros and 750 million USD matured on September 13, 2018, respectively September 13, 2019.
In September 2019, Henkel placed bonds with a total volume of 750 million GBP in order to repay parts of the Group’s current commercial paper liabilities.
In January 2020, Henkel increased the existing 400 million GBP bond with an additional tranche of 100 million GBP. The proceeds from the issue were used in order to repay further parts of the commercial paper liabilities.
In April 2020, Henkel placed a 330 million CHF bond at the Swiss stock exchange. The proceeds from the issue are used for the repayment of the USD bond in June as well as for the dividend payment. Furthermore, the proceeds are used as a liquidity buffer during the COVID-19 crisis.
In July 2020, Henkel concluded a plastic waste reduction bond as the first company globally. The bond consists of two tranches of 70 million USD and 25 million EUR and has a maturity of five years.
The following table shows Henkel’s currently outstanding bonds:
2016 | 2019 | 2020 | ||||||
|---|---|---|---|---|---|---|---|---|
Currency | EUR | GBP | GBP | GBP | GBP | CHF | USD | EUR |
Volume | 700 million | 300 million | 400 million | 350 million | 100 million | 330 million | 70 million | 25 million |
Coupon | 0.00% p.a. | 0.875% p.a. | 1.00% p.a. | 1.25% p.a. | 1.00% p.a. | 0.2725% p.a. | 1.042% p.a. | 0.12% p.a. |
Maturity | 13.09.2021 | 13.09.2022 | 30.09.2022 | 30.09.2026 | 30.09.2022 | 28.04.2023 | 07.07.2025 | 10.07.2025 |
Issuing price | 100% | 99.59% | 100% | 99.99% | 100.22% | 100% | 100% | 100% |
Initial yield | 0.00% p.a. | 0.95% p.a. | 1.00% p.a. | 1.25% p.a. | 0.91% p.a. | 0.2725% p.a. | 1.042% p.a. | 0.12% p.a. |
Day count convention | Act/Act (ICMA) | Act/Act (ICMA) | Act/Act (ICMA) | Act/Act (ICMA) | Act/Act (ICMA) | 30/360 | 30/360 | Act/Act (ICMA) |
Denomination | 1,000 EUR | 1,000 GBP | 100,000 GBP | 100,000 GBP | 100,000 GBP | 5,000 CHF | 200,000 USD | 200,000 EUR |
WKN/VALOR | A2BPAX | A2BPAZ | A2YN22 | A2YN23 | 210849246 | 54.153.799 | A289QD | A289X0 |
ISIN | XS1488418960 | XS1488419935 | XS2057835717 | XS2057835808 | XS2108492468 | CH0541537996 | XS2198440260 | XS2202774969 |
Listing | Regulated Market of the Luxembourg Stock Exchange | SIX Swiss Exchange Ltd. | not listed | not listed | ||||
Issuer | Henkel AG & Co. KGaA | |||||||
Rating | Moody's: A2 (Stable Outlook) S&P: A (Stable Outlook) | |||||||
Abbreviation for “Kommanditgesellschaft auf Aktien.” A KGaA is a company with a legal identity (legal entity) in which at least one partner has unlimited liability with respect to the company’s creditors (personally liable partner), while the liability for such debts of the other partners participating in the share-based capital stock is limited to their share capital (limited shareholders).
Financial Glossary SchließenPlastic waste reduction bond
Henkel takes another step in combining attractive corporate financing instruments with progress in sustainability: As the first company globally, Henkel concluded a plastic waste reduction bond. The proceeds from this bond, a private placement with Japanese insurance companies Dai-ichi Life and Dai-ichi Frontier Life, will be specifically allocated to projects and expenditures related to Henkel’s activities to reduce plastic waste. The bond has a total volume of 70 million US dollars and a maturity of five years.
The plastic waste reduction bond underlines Henkel’s commitment to foster a circular economy and reduce plastic waste and hence to Sustainable Finance. At the same time, it provides the opportunity for additional learnings from financial products which include sustainability features. In 2018, Henkel was the first company in Germany to conclude a syndicated ‘Sustainability linked Loan’, a credit facility linked to Henkel’s performance in three independent sustainability ratings.
Aggregate of all loan services available on call from one or several banks as cover for an immediate credit requirement.
Financial Glossary SchließenDebt Issuance Program
Henkel usually issues bonds under standardized conditions in the framework of a Debt Issuance Program. This is explained in the Information Memorandum, dated August 14, 2020, which serves as prospectus in Germany and Luxembourg. Under this program Henkel can issue up to 10 bn. Euros in securities.
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