AkzoNobel has announced the launch of a EUR750 million bond at attractive terms with a ten-year maturity and a coupon of 1.625%.

The bond issue (officially launched on April 7, 2020), extends the duration of the company's overall bond portfolio, taking advantage of favorable market conditions. The bond will be issued by Akzo Nobel N.V. 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 EUR1.2 billion and financial leverage was 0.7x net debt/EBITDA. The company has a EUR1.3 billion unutilized revolving credit facility with a maturity of 2025. The next bond maturity is EUR750 million in July 2022. AkzoNobel is committed to retain a strong investment grade credit rating.

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