Pernod Ricard Repurchases €1.22 Bn in Bonds Following €1.5 Bn Hybrid Issuance
The spirits group announced on October 28, 2026 the completion of the repurchase offer launched on October 20 on seven of its bond lines. The operation follows the placement of 1.5 billion euros in perpetual subordinated bonds of the lowest rank, which the group will fully recognize as equity under currently applicable IFRS standards.
€319.4 M Repurchased on 2027 Maturity, €900 M on Four Other Lines
On the 600 million euro line at 3.750% maturing on September 15, 2027, Pernod Ricard accepted the repurchase of 319.4 million euros in validly tendered securities. For the other bonds targeted, the accepted amount totals 900 million euros.
This total is divided between 141.5 million euros on the 0.500% line maturing on October 24, 2027, 168.7 million euros on the 3.250% line indexed to sustainable development objectives maturing on November 2, 2028, 270.6 million euros on the 3.375% line of November 7, 2030 and 319.2 million euros on the 3.250% line of March 3, 2032. All repurchased securities will be cancelled by the company. Settlement is expected on October 30, 2026.
Two Hybrid Tranches of €750 M at 5.625% and 6.125%
The new bonds, issued under the group's EMTN program, consist of two tranches of 750 million euros each, with perpetual duration. The first, of NC5.25 type, carries a fixed annual coupon of 5.625%; the second, of NC8 type, a fixed annual coupon of 6.125%.
These securities were admitted to trading on Euronext Paris on October 28, 2026. According to Pernod Ricard, the operation allows it to proactively manage its capital structure and the expected profile of its debt maturities.
Early Redemption Possible on September 2027 Line
For bonds maturing in September 2027, the 75% threshold was not reached. Pernod Ricard indicates it may therefore exercise its right to redeem these securities, in whole or in part, at an actuarial make-whole redemption amount provided for in condition 7(f) of their terms and conditions.
This mechanism is described in the section devoted to risk factors in the repurchase offer document. According to the company, any future redemption decision will depend on prevailing circumstances at the time.
