Arkema (BBB+ S&P / Baa1 Moody’s) successfully completed a €300 million undated hybrid bond issue at a yearly coupon of 1.5% until the first call date after 6 years.
Taking advantage of favorable market conditions and following its previous hybrid refinancing operation in June 2019, the Group thus acquires the possibility to refinance the remaining €300m portion of its outstanding 4.75% hybrid notes with a first call date on October 2020.
The bonds will be subordinated to any senior debt and will be recognized in equity in accordance with IFRS rules. They will be subject to capital treatment equivalent to 50% of their amount by Moody’s and Standard and Poor’s rating agencies.
