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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Pernod Ricard    RI   FR0000120693

PERNOD RICARD

(RI)
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Pernod Ricard : Successfully Completes A US$2.0 Billion Bond Issuance in Three Tranches

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09/29/2020 | 03:01am EDT

 

Regulatory News:

Pernod Ricard (Paris:RI):

Press Release – Paris, 29 September 2020

Not for distribution directly or indirectly in Canada or Japan.

The distribution of this document in certain jurisdictions may be restricted by law. Persons who come into possession of this document are required to inquire about, and comply with, potential local restrictions.

This document does not constitute an offer, or an invitation to apply for, or an offer or invitation to purchase or subscribe for any securities either in the United States or in any other jurisdiction. Securities may not be offered or sold in the United States unless they are registered or exempt from registration under the U.S. Securities Act of 1933, as amended. Pernod Ricard does not intend to register the offer detailed in the press release, in whole or in part, in the United States, and nor does it intend to carry out any public offer in the United States.

 

Amount (US$)

Maturity

Settlement

Coupon

Yield

Re-offer spread

600,000,000

01-Apr-2028

01-Oct-2020

1.250%

1.307%

UST+85 bp

900,000,000

01-Apr-2031

01-Oct-2020

1.625%

1.713%

UST+105 bp

500,000,000

01-Oct-2050

01-Oct-2020

2.750%

2.880%

UST+145 bp

Pernod Ricard has yesterday set the terms of its new dollar-denominated bond issuance for an aggregated principal amount of US$2,000 million across three tranches: Long 7-Year, Long 10-Year and 30-Year. The issuer of the bonds is Pernod Ricard International Finance LLC, a wholly-owned subsidiary of Pernod Ricard SA, the guarantor of the bonds.

The favorable market conditions and the positive reception from investors to the issuance allowed Pernod Ricard to price the issuance at an average coupon of 1.79% and an average maturity of 14.5 years. This transaction enables Pernod Ricard to lengthen the average maturity of its bond debt from 6.0 years to 7.2 years.

The net proceeds of this issuance will be used for general corporate purposes, which may include the partial or total redemption of the Pernod Ricard SA existing US$500 million notes due April 2021 and US$1,500 million notes due January 2022, with respective coupons of 5.75% and 4.45%. The significant coupon differential between the newly-issued debt and the debt to be redeemed would generate interest savings in the years to come.

This return to the US$ bond market is another step forward in Pernod Ricard’s financial strategy to pro-actively manage near-term debt redemptions while reducing its average cost of debt and lengthening its maturity profile.

About Pernod Ricard

Pernod Ricard is the No.2 worldwide producer of wines and spirits with consolidated sales of €8,448 million in FY20. Created in 1975 by the merger of Ricard and Pernod, the Group has developed through organic growth and acquisitions: Seagram (2001), Allied Domecq (2005) and Vin&Sprit (2008). Pernod Ricard, which owns 16 of the Top 100 Spirits Brands, holds one of the most prestigious and comprehensive brand portfolios in the industry, including: Absolut Vodka, Ricard pastis, Ballantine’s, Chivas Regal, Royal Salute, and The Glenlivet Scotch whiskies, Jameson Irish whiskey, Martell cognac, Havana Club rum, Beefeater gin, Malibu liqueur, Mumm and Perrier-Jouët champagnes, as well Jacob’s Creek, Brancott Estate, Campo Viejo, and Kenwood wines. Pernod Ricard’s brands are distributed across 160+ markets and by its own salesforce in 73 markets. The Group’s decentralised organisation empowers its 19,000 employees to be true on-the-ground ambassadors of its vision of “Créateurs de Convivialité.” As reaffirmed by the Group’s strategic plan, “Transform and Accelerate,” deployed in 2018, Pernod Ricard’s strategy focuses on investing in long-term, profitable growth for all stakeholders. The Group remains true to its three founding values: entrepreneurial spirit, mutual trust, and a strong sense of ethics, as illustrated by the 2030 Sustainability and Responsibility roadmap supporting the United Nations Sustainable Development Goals (SDGs), “Good times from a good place.” In recognition of Pernod Ricard’s strong commitment to sustainable development and responsible consumption, it has received a Gold rating from Ecovadis. Pernod Ricard is also a United Nation’s Global Compact LEAD company.

Pernod Ricard is listed on Euronext (Ticker: RI; ISIN Code: FR0000120693) and is part of the CAC 40 and Eurostoxx 50 indices.

Disclaimer

NO COMMUNICATION AND NO INFORMATION IN RESPECT OF THE OFFERING BY PERNOD RICARD OF THE BONDS MAY BE DISTRIBUTED TO THE PUBLIC IN ANY JURISDICTION WHERE A REGISTRATION OR APPROVAL IS REQUIRED. NO STEPS HAVE BEEN OR WILL BE TAKEN IN ANY JURISDICTION WHERE SUCH STEPS WOULD BE REQUIRED. THE OFFERING AND/OR SUBSCRIPTION OF THE BONDS ARE SUBJECT TO SPECIFIC LEGAL OR REGULATORY RESTRICTIONS IN CERTAIN JURISDICTIONS. PERNOD RICARD TAKES NO RESPONSIBILITY FOR ANY VIOLATION OF ANY SUCH RESTRICTIONS BY ANY PERSON.

THIS ANNOUNCEMENT DOES NOT, AND SHALL NOT, IN ANY CIRCUMSTANCES CONSTITUTE A PUBLIC OFFERING NOR AN INVITATION TO SOLICIT THE INTEREST OF THE PUBLIC IN FRANCE, THE UNITED STATES, OR IN ANY OTHER JURISDICTION, IN CONNECTION WITH ANY OFFER.

THE DISTRIBUTION OF THIS DOCUMENT MAY, IN CERTAIN JURISDICTIONS, BE RESTRICTED BY LOCAL LEGISLATIONS. PERSONS INTO WHOSE POSSESSION THIS DOCUMENT COMES ARE REQUIRED TO INFORM THEMSELVES ABOUT AND TO OBSERVE ANY SUCH POTENTIAL LOCAL RESTRICTIONS.

THIS ANNOUNCEMENT IS NOT AN ADVERTISEMENT AND NOT A PROSPECTUS WITHIN THE MEANING OF REGULATION (EU) 2017/1129 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF 14 JUNE 2017 (THE "PROSPECTUS REGULATION"). THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER TO THE PUBLIC IN FRANCE AND THE SECURITIES REFERRED TO IN THIS DOCUMENT CAN ONLY BE OFFERED OR SOLD IN FRANCE PURSUANT TO ARTICLE L. 411-2- OF THE FRENCH MONETARY AND FINANCIAL CODE TO QUALIFIED INVESTORS (INVESTISSEURS QUALIFIÉS) AS DEFINED IN ARTICLE 2(E) OF THE PROSPECTUS REGULATION.

WITH RESPECT TO THE MEMBER STATES OF THE EUROPEAN ECONOMIC AREA, NO ACTION HAS BEEN UNDERTAKEN OR WILL BE UNDERTAKEN TO MAKE AN OFFER TO THE PUBLIC OF THE SECURITIES REFERRED TO HEREIN REQUIRING A PUBLICATION OF A PROSPECTUS IN ANY RELEVANT MEMBER STATE. AS A RESULT, THE SECURITIES MAY NOT AND WILL NOT BE OFFERED IN ANY RELEVANT MEMBER STATE EXCEPT IN ACCORDANCE WITH THE EXEMPTIONS SET FORTH IN ARTICLE 1(4) OF THE PROSPECTUS REGULATION OR UNDER ANY OTHER CIRCUMSTANCES WHICH DO NOT REQUIRE THE PUBLICATION BY THE COMPANY OF A PROSPECTUS PURSUANT TO ARTICLE 3 OF THE PROSPECTUS REGULATION AND/OR TO APPLICABLE REGULATIONS OF THAT RELEVANT MEMBER STATE.

THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO SELL, OR A SOLICITATION OF OFFERS TO PURCHASE OR SUBSCRIBE FOR SECURITIES IN THE UNITED STATES. THE SECURITIES REFERRED TO HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) ABSENT REGISTRATION OR AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE SECURITIES ACT. THIS NOTICE IS ISSUED PURSUANT TO RULE 135C UNDER THE SECURITIES ACT.

© Business Wire 2020

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Financials
Sales 2021 8 374 M 9 897 M 9 897 M
Net income 2021 1 388 M 1 641 M 1 641 M
Net Debt 2021 7 706 M 9 107 M 9 107 M
P/E ratio 2021 27,1x
Yield 2021 1,87%
Capitalization 38 732 M 45 847 M 45 774 M
EV / Sales 2021 5,55x
EV / Sales 2022 5,06x
Nbr of Employees 18 776
Free-Float 72,0%
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Technical analysis trends PERNOD RICARD
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Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 152,65 €
Last Close Price 147,90 €
Spread / Highest target 21,0%
Spread / Average Target 3,21%
Spread / Lowest Target -24,3%
EPS Revisions
Managers
NameTitle
Alexandre Ricard Chairman & Chief Executive Officer
Hélène de Tissot Director-Finance & Operations
Frèdèric Andrè Director-Information Technology Governance
Jean-François Bernard Chief Technical Officer
Wolfgang Colberg Independent Director
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