The Barry Callebaut Group has announced a successful placement of its second Schuldscheindarlehen (a promissory note, or an alternative way to raise funds instead of loans or bonds) in two years’ time.
Its proceeds are allocated to general corporate purposes. The Group said the transaction further strengthens its committed long-term liquidity structure by extending the average maturity at attractive interest rates and reduces its reliance on short-term funding sources.
The Group has raised the equivalent of CHF430m in Euros and CHF 20m in Swiss francs, making a total of CHF 450m ($496.63m). The weighted average tenor is 6.9 years with a weighted average interest rate of 1.68%.
The offer was heavily oversubscribed and attracted a broad range of European and Asian banks.
“We are pleased with the very significant interest of international investors in our offering. This issuance means a further shift from uncommitted to committed funding sources through which we emerge from the COVID-19 crisis with a further strengthened balance sheet,” said Remco Steenbergen, chief financial officer of the Barry Callebaut Group.
Barry Callebaut issued its first Schuldscheindarlehen in February 2019. At that moment, the EUR 600 million equivalent Schuldscheindarlehen was the largest in CHF denominated Schuldschein and the first sustainable Schuldscheindarlehen ever issued.