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The global luxury group Kering has carried out yesterday, Wednesday, May 5th, a bond debt for a total amount of 1.2 billion euros. A loan materialized in the form of debentures and which is a financing means for the company, after a sharp decline in its sales and turnover in the first quarter of 2020.
Kering, one of the world’s leading fashion, luxury and lifestyle companies, has just issued a 1.2 billion euro bond issue, divided into a 3-year 600 million euro tranche with a 0.25% coupon and an 8-year 600 million euro tranche with a 0.75% coupon.
This issue is part of the Group’s active liquidity management. It occurs in the context of the Covid-19 pandemic and its negative impact on Kering’s business, while Crédit Suisse has modeled “a 16% decline in its organic revenues over the financial year 2020 and a €3.3 billion decline in its operating income“, according to a statement from the banking group.
The aim is to diversify Kering’s sources of financing and enhance the group’s funding flexibility, while allowing the refinancing of its existing debt (even though its long-term debt is rated “A-” by the Standard & Poor’s rating company with a stable outlook) and the extension of the maturity of its financing resources.
The placement of this issue was managed by Crédit Agricole CIB, HSBC, BNP Paribas, Natixis, Société Générale, UniCredit and Mitsubishi UFG.
The very favourable reception of this offer by investors confirms the market’s confidence in the credit quality of the Group, supported by the powerful global brands Bottega Veneta, Boucheron, Burberry, Gucci and Yves Saint-Laurent.
In the first quarter of 2020 (ending March), the group’s sales amounted to 3.20 billion euros, down 15.4% based on reported figures. On a like-for-like basis and at constant exchange rates, sales were down 16.4%.
Read also > Stock performance activity to track today … Kering
Featured photo : © Kering / Facebook[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]
The global luxury group Kering has carried out yesterday, Wednesday, May 5th, a bond debt for a total amount of 1.2 billion euros. A loan materialized in the form of debentures and which is a financing means for the company, after a sharp decline in its sales and turnover in the first quarter of 2020.
Kering, one of the world’s leading fashion, luxury and lifestyle companies, has just issued a 1.2 billion euro bond issue, divided into a 3-year 600 million euro tranche with a 0.25% coupon and an 8-year 600 million euro tranche with a 0.75% coupon.
This issue is part of the Group’s active liquidity management. It occurs in the context of the Covid-19 pandemic and its negative impact on Kering’s business, while Crédit Suisse has modeled “a 16% decline in its organic revenues over the financial year 2020 and a €3.3 billion decline in its operating income“, according to a statement from the banking group.[/vc_column_text][vc_cta h2=”This article is for subscribers only.” h2_font_container=”font_size:16″ h2_use_theme_fonts=”yes” h4=”Subscribe now!” h4_font_container=”font_size:32|line_height:bas” h4_use_theme_fonts=”yes” txt_align=”center” color=”black” add_button=”right” btn_title=”I SUBSCRIBE!” btn_color=”danger” btn_size=”lg” btn_align=”center” use_custom_fonts_h2=”true” use_custom_fonts_h4=”true” btn_button_block=”true” btn_custom_onclick=”true” btn_link=”url:https%3A%2F%2Fluxus-plus.com%2Fen%2Fabonnements-et-newsletter-2%2F|||”]Unlimited access to all the articles and live a new reading experience, preview contents, exclusive newsletters…
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[/vc_cta][vc_column_text]Featured photo : © Kering / Facebook[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”people-in-the-roles” njt-role-user-roles=”customer”][vc_column][vc_column_text]
The global luxury group Kering has carried out yesterday, Wednesday, May 5th, a bond debt for a total amount of 1.2 billion euros. A loan materialized in the form of debentures and which is a financing means for the company, after a sharp decline in its sales and turnover in the first quarter of 2020.
Kering, one of the world’s leading fashion, luxury and lifestyle companies, has just issued a 1.2 billion euro bond issue, divided into a 3-year 600 million euro tranche with a 0.25% coupon and an 8-year 600 million euro tranche with a 0.75% coupon.
This issue is part of the Group’s active liquidity management. It occurs in the context of the Covid-19 pandemic and its negative impact on Kering’s business, while Crédit Suisse has modeled “a 16% decline in its organic revenues over the financial year 2020 and a €3.3 billion decline in its operating income“, according to a statement from the banking group.[/vc_column_text][vc_cta h2=”This article is for subscribers only.” h2_font_container=”font_size:16″ h2_use_theme_fonts=”yes” h4=”Subscribe now!” h4_font_container=”font_size:32|line_height:bas” h4_use_theme_fonts=”yes” txt_align=”center” color=”black” add_button=”right” btn_title=”I SUBSCRIBE!” btn_color=”danger” btn_size=”lg” btn_align=”center” use_custom_fonts_h2=”true” use_custom_fonts_h4=”true” btn_button_block=”true” btn_custom_onclick=”true” btn_link=”url:https%3A%2F%2Fluxus-plus.com%2Fen%2Fabonnements-et-newsletter-2%2F|||”]Unlimited access to all the articles and live a new reading experience, preview contents, exclusive newsletters…
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[/vc_cta][vc_column_text]Featured photo : © Kering / Facebook[/vc_column_text][/vc_column][/vc_row]
