SAINT-GOBAIN FURTHER REINFORCES ITS FINANCING: EUR1.5 BILLION BOND ISSUE AND
SYNDICATED CREDIT LINE ADJUSTED TO EUR2 BILLION
On March 26, Saint-Gobain launched a dual tranche EUR1.5 billion bond issue
* EUR750 million with a 3 year maturity and a 1.75% coupon
* EUR750 million with a 7 1/2 year maturity and a 2.375% coupon
Despite the volatile context, the final order book totalled over EUR8 billion
from over 300 investors, which underlines bond investors' confidence in the
credit quality of Saint-Gobain.
Saint-Gobain's long-term senior debt is rated BBB by Standard & Poor's and Baa2
BNP Paribas, CA-CIB, Citi, J.P. Morgan, Natixis and Société Générale acted
as bookrunners for this bond issue.
This transaction enables Saint-Gobain to further reinforce its liquidity, with
longer maturity debt. Following the bond issue, the syndicated credit line
announced on March 23 will be reduced from EUR2.5 billion to EUR2.0 billion.
With these two transactions Saint-Gobain secures EUR3.5 billion in new
financing, compared to EUR2.5 billion as of March 23.
This new financing is in addition to the confirmed and undrawn back-up credit
lines of EUR4.0 billion and access to the Pandemic Emergency Purchase Program
(PEPP) launched by the European Central Bank.
Saint-Gobain designs, manufactures and distributes materials and solutions
which are key ingredients in the wellbeing of each of us and the future of all.
They can be found everywhere in our living places and our daily life: in
buildings, transportation, infrastructure and in many industrial applications.
They provide comfort, performance and safety while addressing the challenges of
sustainable construction, resource efficiency and climate change.
EUR42.6 billion in sales in 2019
Operates in 68 countries
More than 170,000 employees
For more information about Saint-Gobain
and follow us on Twitter @saintgobain