Kuehne + Nagel issues two inaugural bonds worth a total of US$400m
KUEHNE + Nagel International AG has issued two inaugural bonds for a total of CHF400 million (US$400
KUEHNE + Nagel International AG has issued two inaugural bonds for a total of CHF400 million (US$400.1 million) in the ordinary course of financing. The proceeds of both bonds will be used for general corporate purposes.
The company says the first bond has a fixed coupon of 0.02 per cent and a tenor of 3 years 5 months, maturing on November 18, 2022. The second bond has a fixed coupon of 0.20 per cent and a tenor of 6 years, maturing on June 18, 2025, reports London's Air Cargo News.
'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, Kuehne + Nagel's CFO. '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 CHF772 million (up 4.3 per cent on 2017) on a turnover of CHF24.8 billion 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 and improving our results further, complemented with selected acquisitions to our portfolio.'