Paint and coating giant, AkzoNobel, has launched a €500 million floating rate note (FRN) at attractive terms, with a two-year maturity.
The company said the new issue will enable it to take advantage of favourable market conditions and low-interest rates while strengthening its liquidity position. Proceeds of the notes will be used for general corporate purposes.
The issue will be listed on the Luxembourg Stock Exchange. The settlement is scheduled for November 10, 2017, and the notes will mature on November 8, 2019.
AkzoNobel said it is committed to maintaining a strong investment grade rating. Currently, the company has an A- rating with Standard & Poors and a Baa1 rating with Moody’s.
