DEBT PROFILE
JDE Peet’s’ debt consists of bonds, bank borrowings and leases.
BONDS
EMTN DEBT ISSUANCE PROGRAMME
23 November 2023
SUPPLEMENT BASE PROSPECTUS 2023
PDF File
12 May 2023
BASE PROSPECTUS 2023
PDF File
13 May 2022
BASE PROSPECTUS 2022
PDF File
15 March 2022
GUARANTORS RELEASE NOTICE
PDF File
26 October 2021
SUPPLEMENT BASE PROSPECTUS 2021
PDF File
28 May 2021
BASE PROSPECTUS 2021
PDF File
Under its EUR 5 billion Debt Issuance Programme, JDE Peet’s has issued over EUR 4 billion of bonds since its first bond issuance on 16 June 2021. The proceeds were used to refinance existing bank debt facilities and for general corporate purposes. The bonds trade on the EuroMTF market of the Luxembourg Stock Exchange
ISIN |
Issue Date |
Maturity Date |
Amount (M) |
Currency |
Coupon rate |
Final terms |
|
XS2354444023 |
16 Jun 2021 |
16 Jan 2026 |
750 |
EUR |
0.000% |
 |
|
XS2354569407 |
16 Jun 2021 |
16 Jan 2029 |
750 |
EUR |
0.500% |
|
|
XS2354444379 |
16 Jun 2021 |
16 Jun 2033 |
500 |
EUR |
1.125% |
|
|
XS2407010656 |
9 Nov 2021 |
9 Feb 2028 |
600 |
EUR |
0.625% |
|
|
XS2408491947 |
16 Nov 2021 |
16 Jan 2025 |
500 |
EUR |
0.244% |
|
|
XS2728561098 |
5 Dec 2023 |
23 Jan 2030 |
500 |
EUR |
4.125% |
|
|
XS2728560959 |
5 Dec 2023 |
23 Jan 2034 |
500 |
EUR |
4.500% |
|
US DEBT ISSUANCE
JDE Peet’s issued USD 1.75 billion of bonds on 24 September 2021. The bonds were issued under Rule 144A and Regulation-S, under the Securities Act of 1933. The proceeds were used to refinance existing bank debt facilities and for general corporate purposes. These securities are not listed on an exchange.
The bonds comprise of the following series:
REG-S ISIN |
144A ISIN |
Issue Date |
Maturity Date |
Amount (M) |
Currency |
Coupon rate |
|
USN44664AD73 |
US47216QAA13 |
24 Sept 2021 |
24 Sept 2024 |
500 |
USD |
0.800% |
|
USN44664AE56 |
US47216QAB95 |
24 Sept 2021 |
15 Jan 2027 |
750 |
USD |
1.375% |
|
USN44664AF22 |
US47216QAC78 |
24 Sept 2021 |
24 Sept 2031 |
500 |
USD |
2.250% |
*Qualified institutional buyers who would like to receive more information on these bonds, such as the offering memorandum and final terms, are welcome to contact one of the following financial institutions: BofA Securities, Citigroup, Deutsche Bank Securities, J.P. Morgan or Santander.
BANK BORROWINGS
As of 31 December 2023, JDE Peet’s has no term loans outstanding.
JDE Peet’s has access to a EUR 1.5 billion committed revolving credit facility, which will expire in 2028. The facility has no financial covenants and is linked to JDE Peet’s sustainability ambitions, namely the Responsible Sourcing and Minimised Footprint programmes. On 31 December 2023, the facility was undrawn.
DEBT MATURITY PROFILE
Debt maturities and outstanding amounts can be found in the graph below.
NET DEBT AND LEVERAGE
Since 2019, JDE Peet’s has significantly reduced its debt level and leverage as shown in the chart below. Our initial commitment to reduce our leverage to below 3x net debt to adjusted EBITDA was achieved by the end of June 2021, which positions us well on our path to an optimal leverage level of around 2.5 times.
CORPORATE CREDIT RATINGS
An overview of our current credit ratings can be found in the table below.
Rating agency |
Long-term rating |
Outlook |
Last rating date |
| Moody's | Baa3 | Stable | 26 Apr 2021 |
| Standard & Poor’s | BBB- | Stable | 21 May 2021 |
| Fitch | BBB | Stable | 30 Mar 2023 |
Note: These credit ratings and outlook are subject to revision at any time.