Danone issues €1.5 billion in bonds across three tranches to extend debt maturity
The food and beverage group has launched a financing operation designed to strengthen its flexibility and extend its debt maturity. The issuance is part of its active liquidity management.
Three tranches of €500 million at staggered maturities
Danone announced on September 21, 2026 the launch of a bond issuance in three tranches for a total amount of €1.5 billion. The structure comprises a tranche of €500 million with an 18-month maturity carrying a variable coupon indexed to the 3-month Euribor plus 0.30%.
It also includes a tranche of €500 million at 5 years bearing a coupon of 4.0910%, as well as a tranche of €500 million at 9 years carrying a coupon of 4.4180%. Settlement is expected on September 28, 2026 and the bonds will be listed on Euronext Paris.
An active liquidity management operation
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According to Danone, this issuance is part of its active liquidity management and aims to increase its financing flexibility while extending its debt maturity. The group indicates that the operation was widely subscribed by a diversified investor base.
Danone is rated BBB+, stable outlook, by Standard & Poor's, and Baa1, stable outlook, by Moody's.
SectorAgroalimentaire et boissons›Industrie alimentaire
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Context
Period
Period: S1 2026
Key reported figures
Revenue: 13 936 millions d'euros
Quarterly revenue: 13 936 millions d'euros
Revenue growth: 1,4 %
Net income: 1 175 millions d'euros
Free cash flow: 852 millions d'euros
8 975 millions d'euros
Guidance from the release
Objectifs 2026 confirmés, en ligne avec l'ambition moyen-terme
Risks mentioned
Free cash-flow en baisse de -27,3 % à 852 M€ au S1 2026
Dette nette en hausse à 9,0 Md€ contre 8,4 Md€ fin décembre 2025
Effet de change négatif de -3,3 % sur le chiffre d'affaires publié
Opportunities identified
Objectifs 2026 confirmés : croissance comparable entre +3 % et +5 %
Finalisation attendue au S2 2026 des acquisitions MADE Group et Saputo Dairy Australia
Marge des Eaux en forte progression de +196 pb à 13,3 %
Outlook / guidance
Expected revenue: 28 374 millions d'euros
Management commentary: croissance du chiffre d'affaires en données comparables comprise entre +3% et +5%
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.
