€1,500 MILLION IN THREE TRANCHES
A 4-YEAR €500 MILLION BOND AT 0.000%
A 8-YEAR €500 MILLION BOND AT 0.500%
A 12-YEAR €500 MILLION BOND AT 0.875%
Regulatory News:
Press Release Paris, 21 October 2019
Not for distribution directly or indirectly in the United States, Australia, South Africa, Canada or Japan.
The distribution of this document in certain jurisdictions may be restricted by law. Persons into whose possession this document comes are required to inform themselves about it and to observe any such restrictions.
This press release 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 which may be subject to restrictions. 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. The Bonds have not been and will not be registered under the U.S Securities Act.
Pernod Ricard (Paris:RI), whose long-term senior debt rating has just been upgraded to Baa1, stable outlook by Moody's and BBB+, stable outlook by Standard Poor's, has today set the terms of its new Euro-denominated bond issue for an aggregate amount of €1.5bn across 3-tranches of 4, 8 and 12 years.
The transaction was well received by the market, with a total orderbook of €10.3bn for a total issue size of €1.5bn, resulting in an over subscription ratio of approximately 7 times. The Group is benefiting from the lowest coupons on all the tranches ever achieved on any of the Group's bond issuances, including a 0% coupon at 4 years. The favorable market conditions allow the Group to obtain an average coupon of 0.46% on the overall transaction and to extend its euro debt profile up to 12 years.
Placement was made across qualified investors.
Application will be made for the bonds to be admitted to trading on Euronext Paris.
BNP Paribas, Crédit Agricole CIB, Deutsche Bank AG, ING, Morgan Stanley, MUFG, Santander Corporate Investment Banking, and Unicredit Bank were the joint bookrunners of this bond issue.
About Pernod Ricard
Pernod Ricard is the No.2 worldwide producer of wines and spirits with consolidated sales of €9,182 million in FY19. 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 three-year 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 roadmap supporting the United Nations Sustainable Development Goals (SDGs), "We bring 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 and is ranked No. 1 in the beverage sector in Vigeo Eiris. 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 index.
Disclaimer
NO COMMUNICATION AND NO INFORMATION IN RESPECT OF THE OFFERING BY PERNOD RICARD OF BONDS DESCRIBED IN THIS ANNOUNCEMENT (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 OR SUBSCRIPTION OF THE BONDS MAY BE 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 IS AN ADVERTISEMENT AND NOT A PROSPECTUS WITHIN THE MEANING OF REGULATION (EU) 2017/1129 OF THE EUROPEAN PARLIAMENT AND THE COUNCIL OF 14 JUNE 2017 (THE "PROSPECTUS REGULATION").
THIS ANNOUNCEMENT DOES NOT, AND SHALL NOT, IN ANY CIRCUMSTANCES CONSTITUTE A PUBLIC OFFERING NOR AN INVITATION TO THE PUBLIC IN CONNECTION WITH ANY OFFER IN ANY JURISDICTION.
THE OFFER AND SALE OF THE BONDS IN FRANCE WILL BE CARRIED OUT THROUGH A PRIVATE PLACEMENT IN ACCORDANCE WITH ARTICLE L.411-2 OF THE FRENCH FINANCIAL AND MONETARY CODE AND OTHER APPLICABLE LAWS AND REGULATIONS. THERE WILL BE NO PUBLIC OFFERING IN FRANCE.
WITH RESPECT TO THE MEMBER STATES OF THE EUROPEAN ECONOMIC AREA, OTHER THAN FRANCE, WHICH HAVE IMPLEMENTED THE PROSPECTUS REGULATION, THE BONDS MAY ONLY BE OFFERED UNDER CIRCUMSTANCES NOT REQUIRING PERNOD RICARD TO PUBLISH A PROSPECTUS AS PROVIDED UNDER ARTICLE 2(e) OF THE PROSPECTUS REGULATION.
NO ACTION HAS BEEN UNDERTAKEN OR WILL BE UNDERTAKEN TO MAKE AVAILABLE ANY BONDS TO ANY RETAIL INVESTOR IN THE EUROPEAN ECONOMIC AREA. FOR THE PURPOSES OF THIS PROVISION: (A) THE EXPRESSION "RETAIL INVESTOR" MEANS A PERSON WHO IS ONE (OR MORE) OF THE FOLLOWING: (I) A RETAIL CLIENT AS DEFINED IN POINT (11) OF ARTICLE 4(1) OF DIRECTIVE 2014/65/EU (AS AMENDED, "MIFID II"); OR (II) A CUSTOMER WITHIN THE MEANING OF DIRECTIVE 2016/97/EU (AS AMENDED, THE "INSURANCE DISTRIBUTION DIRECTIVE"), WHERE THAT CUSTOMER WOULD NOT QUALIFY AS A PROFESSIONAL CLIENT AS DEFINED IN POINT (10) OF ARTICLE 4(1) OF MIFID II; OR (III) NOT A "QUALIFIED INVESTOR" AS DEFINED IN THE PROSPECTUS REGULATION; AND (B) THE EXPRESSION "OFFER" INCLUDES THE COMMUNICATION IN ANY FORM AND BY ANY MEANS OF SUFFICIENT INFORMATION ON THE TERMS OF THE OFFER AND THE BONDS TO BE OFFERED SO AS TO ENABLE AN INVESTOR TO DECIDE TO PURCHASE OR SUBSCRIBE THE BONDS.
CONSEQUENTLY, NO KEY INFORMATION DOCUMENT REQUIRED BY THE PRIIPS REGULATION FOR OFFERING OR SELLING THE BONDS OR OTHERWISE MAKING THEM AVAILABLE TO RETAIL INVESTORS IN THE EEA HAS BEEN PREPARED AND THEREFORE OFFERING OR SELLING THE BONDS OR OTHERWISE MAKING THEM AVAILABLE TO ANY RETAIL INVESTOR IN THE EEA MAY BE UNLAWFUL UNDER THE PRIIPS REGULATION.
THIS COMMUNICATION DOES NOT CONSTITUTE AN OFFER TO THE PUBLIC IN THE UNITED KINGDOM. NO PROSPECTUS HAS BEEN OR WILL BE APPROVED IN THE UNITED KINGDOM IN RESPECT OF THE BONDS. THE DISTRIBUTION OF THIS PRESS RELEASE IS NOT MADE, AND HAS NOT BEEN APPROVED, BY AN "AUTHORIZED PERSON" WITHIN THE MEANING OF ARTICLE 21(1) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000. AS A CONSEQUENCE, THIS PRESS RELEASE IS DIRECTED ONLY AT PERSONS WHO (I) ARE LOCATED OUTSIDE THE UNITED KINGDOM, (II) HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS AND FALL WITHIN ARTICLE 19(5) ("INVESTMENT PROFESSIONALS") OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTIONS) ORDER 2005 (THE "ORDER") (III) ARE PERSONS FALLING WITHIN ARTICLE 49(2)(A) TO (D) ("HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS, ETC.") OF THE ORDER OR (IV) ARE PERSONS TO WHOM THIS COMMUNICATION MAY OTHERWISE LAWFULLY BE COMMUNICATED (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS "RELEVANT PERSONS"). THE BONDS ARE DIRECTED ONLY AT RELEVANT PERSONS AND NO INVITATION, OFFER OR AGREEMENT TO SUBSCRIBE, PURCHASE OR OTHERWISE ACQUIRE SUCH BONDS MAY BE PROPOSED OR MADE OTHER THAN WITH RELEVANT PERSONS. ANY PERSON OTHER THAN A RELEVANT PERSON MAY NOT ACT OR RELY ON THIS DOCUMENT OR ANY PROVISION HEREOF. THIS PRESS RELEASE IS NOT A PROSPECTUS WHICH HAS BEEN APPROVED BY THE FINANCIAL SERVICES AUTHORITY OR ANY OTHER UNITED KINGDOM REGULATORY AUTHORITY FOR THE PURPOSES OF SECTION 85 OF THE FINANCIAL SERVICES AND MARKETS ACT 2000.
THIS PRESS RELEASE DOES NOT CONSTITUTE OR FORM A PART OF ANY OFFER OR SOLICITATION TO PURCHASE OR SUBSCRIBE FOR SECURITIES IN THE UNITED STATES. THE BONDS HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT, OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION IN THE UNITED STATES, AND MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, AS SUCH TERM IS DEFINED IN REGULATION S UNDER THE SECURITIES ACT ("REGULATION S"), EXPECT PURSUANT TO AN EXEMPTION FROM OR IN A TRANSACTION NOT SUBJECT TO THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE BONDS ARE BEING OFFERED AND SOLD ONLY OUTSIDE THE UNITED STATES TO NON-U.S. PERSONS IN "OFFSHORE TRANSACTIONS" AS DEFINED IN AND IN ACCORDANCE WITH REGULATION S. PERNOD RICARD DOES NOT INTEND TO REGISTER ANY PORTION OF THE OFFERING IN THE UNITED STATES OR TO CONDUCT AN OFFERING OF SECURITIES IN THE UNITED STATES.
THE DISTRIBUTION OF THIS DOCUMENT IN CERTAIN COUNTRIES MAY CONSTITUTE A BREACH OF APPLICABLE LAW. THE INFORMATION CONTAINED IN THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES, AUSTRALIA, SOUTH AFRICA, CANADA OR JAPAN.
THIS PRESS RELEASE MAY NOT BE PUBLISHED, FORWARDED OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, SOUTH AFRICA, CANADA OR JAPAN.
View source version on businesswire.com: https://www.businesswire.com/news/home/20191021005713/en/
Contacts:
Pernod Ricard Contacts
Julia MASSIES VP, Financial Communication Investor Relations +33 (0) 1 41 00 41 07
Adam RAMJEAN Investor Relations Manager +33 (0) 1 41 00 41 59
Fabien DARRIGUES External Communications Director +33 (0) 1 41 00 44 86
Emmanuel VOUIN Press Relations Manager +33 (0) 1 41 00 44 04
Alison DONOHOE Press Relations Manager +33 (0) 1 41 00 44 63