THE WHAT? Firmenich has announced the successful placement of its inaugural €1.5 billion Eurobond Benchmark Offering as well as the placement of CHF 425 million Swiss Franc bonds.
THE DETAILS The flavors and fragrances manufacturer noted that the Eurobonds were significantly oversubscribed and both offerings attracted strong interest.
“Our inaugural bond placement represents an important moment in Firmenich’s 125-year history. We are extremely happy with the support received from a wide range of institutional investors,” said Patrick Firmenich, Chairman of the Board, Firmenich.
“We are excited for the future. This funding will enable us to continue investing in strategic growth and business development opportunities,” said Gilbert Ghostine, CEO, Firmenich. “I would like to thank all of our colleagues, who have been instrumental in building our business and I welcome our new investors to the Firmenich community.”
THE WHY? The net proceeds of the bonds will be used to finance the acquisition of DRT, announced in March.