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PARIS - Danone S.A. announced Monday it is offering €500 million in perpetual non-call 7-year hybrid unsecured deeply subordinated notes, with J.P. Morgan SE acting as stabilization coordinator.
The French food company’s bond offering will be listed on Euronext Paris, according to a stabilization notice issued by J.P. Morgan SE. The minimum denomination for the notes is set at €100,000.
Several financial institutions have been appointed as stabilization managers alongside J.P. Morgan SE, including Barclays Bank PLC, BNP Paribas, Citigroup, NatWest Markets, and Santander.
The stabilization period is expected to begin on September 1, 2025, and end no later than October 1, 2025. During this period, the stabilization managers may over-allot securities by up to 5% of the aggregate nominal amount to support the market price of the securities.
The hybrid bond structure combines features of both debt and equity, typically allowing issuers more flexibility in managing their capital structure. These perpetual bonds have no fixed maturity date but include a call option after seven years.
The offering price has not yet been determined, according to the press release statement.
The securities will not be registered under the United States Securities Act and are not being offered in the United States. The offering is primarily directed at qualified investors in European Economic Area member states and experienced investors in the United Kingdom.
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