Anglo-Dutch household goods and foods giant Unilever is to tap the US bond market through two short-term fixed rate note issues.
The PG tips group has priced a double-tranche $1.0bn (circa €0.8bn) bond on the US market: $450m 0.45% Fixed Rate Notes due 30th July 2015, and $550m 0.85% Fixed Rate Notes due 2nd August 2017. The anticipated closing date of the offering is 2nd August 2012.
Unilever plans to use the proceeds for general corporate purposes.
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Last week the group unveiled first half profit before tax of €3.27bn. Net debt at the end of June stood at €9.2bn, up from €8.8bn as at 31st December 2011, as the outflow from dividends, acquisitions and the negative impact of foreign exchange rates on net debt together exceeded free cash flow.
JH
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