Global law firm Clifford Chance has advised Pernod Ricard, a worldwide leader in the spirits and champagne industry, on a transaction combining a bond tender offer and an inaugural €1.5 billion hybrid bond issuance.
The tender offer targeted seven series of outstanding notes maturing between September 2027 and November 2032, including two series of sustainability-linked notes.
Simultaneously, Pernod Ricard issued two new series of Euro-denominated undated deeply subordinated hybrid notes under its EMTN programme, of €750 million each, consisting of a non-call 5.25-year series with an initial coupon of 5.625% and a non-call 8-year series with an initial coupon of 6.125%. The notes were admitted to trading on Euronext Paris.
The net proceeds of the issuance were used in part to finance the tender offer. Following completion of the offer, Pernod Ricard accepted for repurchase outstanding notes in an aggregate principal amount of €1,219.4 million. All notes purchased were cancelled, with settlement having occurred on 30 October 2026.
The Clifford Chance team was led by partners Auriane Bijon and Cédric Burford, with senior associate Jessica Hadid and associate Sabrine Kadi.
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