Tuesday 24 September 2019

Aryzta raises €386m to deal with short-term indebtedness

Owen Killian, chief executive of the Irish-Swiss food group
Owen Killian, chief executive of the Irish-Swiss food group

Michael Cogley

Swiss-Irish food firm Aryzta has raised €386m through a number of "Schuldschein" tranches to help refinance existing shorter term indebtedness.

Aryzta said the debt offer was "significantly oversubscribed" and that it was upsized to meet investor demand.

The tranches, which hold maturities of between three and seven years, came with an initial average interest rate of 1.65pc.

Aryzta issued the dollar and euro-denominated debts through its subsidiary Aryzta Euro Finance DAC.

The average maturity was just over four years for the total issuance.

The Schuldschein tranches are a traditional German floating or fixed debt instrument. They are no listed on exchanges.

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