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Kering has issued a 1.2 billion euro bond to bulk up on cash

Kering has issued a 1.2 billion euro bond to bulk up on cash

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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.

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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.

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Featured photo : © Kering / Facebook

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