AkzoNobel has today announced that the company has successfully launched a Sterling bond issue of£250million with a maturity of seven years.
The completion of this transaction allows AkzoNobel to extend its debt maturity profile. The deal offers an 8 percent coupon and allows the company to diversify its credit investor base and funding sources.
The bonds are issued by Akzo Nobel NV, and will be listed on the Luxembourg Stock Exchange.
Settlement date of the transaction is set at April 6, 2009 and the bonds will mature on April 6, 2016.
AkzoNobel is rated BBB+, negative by Standard & Poors and Baa1 negative by Moodys. Barclays Capital, JP Morgan Chase and HSBC, acted as joint lead managers for this issue.