Kuehne + Nagel issues CHF 400m inaugural bonds
Kuehne + Nagel International AG has issued two inaugural bonds for a total of CHF 400m in the ordinary course of financing. The proceeds of both bonds will be used for general corporate purposes.
The company says first bond has a fixed coupon of 0.02% and a tenor of 3 years 5 months, maturing on November 18, 2022. The second bond has a fixed coupon of 0.20% and a tenor of 6 years, maturing on June 18, 2025.
"These bond issues allow Kuehne + Nagel to benefit from the current attractive interest rates and to optimise the financing structure while enhancing our strategic flexibility," says Markus Blanka-Graff, chief financial officer. "We see it as an additional opportunity to engage with the Swiss capital market to support our strategy."
In February, Kuehne + Nagel announced a net profit for 2018 of CHF 772m (up 4.3% on 2017) on a turnover of CHF 24,825m, and reported "strong volume growth in all business units".
At the time, ceo Detlef Trefzger, said: "Even though the growth momentum of the global economy slowed down at the end of 2018, we confirm our goals for the year ahead. In 2019, we aim at growing twice as fast as the market and improving our results further, complemented with selected acquisitions to our portfolio."
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