Clermont-Ferrand, May 7th 2024
COMPAGNIE GÉNÉRALE DES ÉTABLISSEMENTS MICHELIN
GROUPE MICHELIN COMPLETES A €1 BILLION BOND ISSUANCE
| Amount (EUR) | Maturity | Settlement-delivery | Coupon | Yield | Re-offer spread |
| 500,000,000 | 16 May 2031 | 16 May 2024 | 3.125% | 3.216% | 49 bps |
| 500,000,000 | 16 May 2036 | 16 May 2024 | 3.375% | 3.386% | 67 bps |
Compagnie Générale des Etablissements Michelin (the “Company”), the long-term senior debt of which is rated A- (stable outlook) by Standard & Poor’s and A- (stable outlook) by Fitch Ratings, has today set the terms of its Euro-denominated bond issue for an aggregate amount of €1 billion across 7-Year and 12-Year tranches.
The favorable market conditions and the positive reception from investors to the issuance allowed the Company to price the issuance at a coupon of 3.125% on the 7-Year tranche and 3.375% on the 12-Year tranche.
The net proceeds of this issuance will be used for general corporate purposes of the group.
Placement was made across qualified investors.
An application will be made for the bonds to be admitted to trading on Euronext Paris.
The bonds are expected to be rated A- by Standard & Poor’s and A- by Fitch Ratings.
Société Générale was acting as global coordinator and joint bookrunner of this bond issue, accompanied by Crédit Agricole CIB, BNP Paribas, Citigroup, Deutsche Bank, HSBC, MUFG, BofA Securities, CIC Market Solutions as joint bookrunners.
This bond issuance was implemented under the EMTN Program of Group Michelin which was established in December 2023 with the French Autorité des marchés financiers.
DISCLAIMER
The distribution of this press release in certain jurisdictions may be restricted by law. Persons who come into possession of this press release are required to inquire about, and comply with, potential local restrictions. This press release does not constitute an offer, or an invitation to apply for, or an offer or invitation to purchase or subscribe for any securities either in the United States or in any other jurisdiction. Securities may not be offered or sold in the United States unless they are registered or exempt from registration under the U.S. Securities Act of 1933, as amended. Michelin does not intend to register the offer detailed in the press release, in whole or in part, in the United States, and nor does it intend to carry out any public offer in the United States.
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