DEBT PROFILE

JDE Peet’s’ debt consists of bonds, bank borrowings and leases.

BONDS

EMTN DEBT ISSUANCE PROGRAMME

13 May 2022

BASE PROSPECTUS 2022

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28 May 2021

BASE PROSPECTUS 2021

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26 October 2021

SUPPLEMENT BASE PROSPECTUS 2021

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15 March 2022

GUARANTORS RELEASE NOTICE

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Under its EUR 5 billion Debt Issuance Programme, JDE Peet’s has issued over EUR 3 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%

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XS2354444379

16 Jun 2021

16 Jun 2033

500

EUR

1.125%

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XS2407010656

9 Nov 2021

9 Feb 2028

600

EUR

0.625%

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XS2408491947

16 Nov 2021

16 Jan 2025

500

EUR

0.244%

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US GUARANTEED 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 31st December 2021, 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 2026 with the option to extend until 2028. The facility has no financial covenants and is linked to JDE Peet’s sustainability ambitions, namely the Common Grounds and Minimised Footprint programmes. On 31 December 2021, the facility was undrawn.

DEBT MATURITY PROFILE

Debt maturities and outstanding amounts can be found in the graph below.

Debt maturity profile.png

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.

Net debt & leverage development.png

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- Positive 23 Mar 2022

 

Note: These credit ratings and outlook are subject to revision at any time.