Ahold Delhaize sets terms for a €1.1 billion bond issue, including for its planned acquisition of Tesco's Czech and Slovak operations
The Dutch retailer set on 5 November 2026 the terms of a fixed-rate bond issue in two tranches, of three and nine years.
It was reserved for qualified investors in the European Economic Area and the United Kingdom, and carried out outside the United States under Regulation S of the US Securities Act.
Proceeds earmarked in part for the announced acquisition in Central Europe
According to the press release, the net proceeds of the two tranches will be used for the company's general corporate purposes, including financing the proposed acquisition of Tesco's Czech and Slovak businesses. The group had announced this transaction on 30 October 2026.
Ahold Delhaize has signed an agreement for this acquisition, which remains subject to approval from regulatory authorities. The transaction should allow it to grow in size in the Czech Republic, where it operates the Albert banner, and to establish a presence in Slovakia.
Coupons of 3.750% for three years and 4.250% for nine years
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The three-year tranche, of €600 million, was priced at 50 basis points above the mid-swap rate and carries an annual coupon of 3.750%. The nine-year tranche, of €500 million, was priced at 103 basis points above this same benchmark rate, with an annual coupon of 4.250%.
Settlement and delivery of the securities is scheduled for 12 November 2026, and they will be listed on Euronext Dublin. BofA Securities acted as global coordinator.
BNP Paribas, BofA Securities, Deutsche Bank, ING, J.P. Morgan, Rabobank, SMBC, Société Générale and Wells Fargo Securities acted as joint bookrunners on the transaction.
« For 2026, the Company now expects (on a 53-week basis): underlying operating margin approaching 4.0% (previously around 4.0%); low-single-digit diluted underlying EPS growth at constant exchange rates (previously mid- to high-single-digit); and free cash flow of around €2.1 billion (previously at least €2.3 billion). »
Risks mentioned
Cybersecurity incident expected to reduce Q4 net sales by €200-250 million and operating income by €75-100 million
Pharmacy pricing changes from Inflation Reduction Act reducing U.S. growth by approximately 2.1 percentage points
Market-specific headwinds including reduced SNAP benefits, cyclospora outbreak and egg price deflation impacting growth
Opportunities identified
Online sales growth momentum with tenth consecutive quarter of double-digit growth in U.S. (14.2%) and strong retention over 75%
Acquisition of Tesco Czechia and Slovakia expected to establish strong market positions in Central Europe
Scaling of technology, AI and mechanization initiatives improving productivity by 20%+ at distribution centers
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
