AkzoNobel  has announced the launch of a dual-tranche bond of € 1.2 billion consisting of two €600 million tranches each at attractive terms, with six-year and ten-year maturities and coupons of 1.5% and 2.0% respectively.

The bond issue, officially launched on March 21, 2022, extends the duration of the com-pany’s overall bond portfolio, taking advantage of favorable market conditions. The bonds will be issued by Akzo Nobel N.V. and will be listed on the Luxembourg Stock Exchange. Settlement is scheduled for March 28, 2022, with the bonds maturing on March 28, 2028 and March 28, 2032.

The company has a strong balance sheet and solid cash position. At Dec. 31, 2021, net cash and cash equivalents were €1.2 billion and financial leverage was 1.6x net debt/EBITDA. The company has a €1.3 billion unutilized revolving credit facility with a maturity of 2027. The next bond maturity is €750 million in July 2022. AkzoNobel is committed to retain a strong investment grade credit rating.