(PRESS RELEASE) AMSTERDAM, 8-Apr-2020 — /EuropaWire/ — Dutch multinational paints and performance coatings company Akzo Nobel N.V. announced it has issued on April 7, 2020 ten-year maturity €750 million bond on the Luxembourg Stock Exchange. The bond’s coupon is 1.625% and the company said it is taking advantage of favorable market conditions.
The bond launch extends the duration of AkzoNobel’s overall bond portfolio 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.
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