Nutella maker taps private debt market for over $1bn

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Italian confectioner FerreroSpA raised more than $1 billion in dollar-equivalent high-grade private debt to refinance part of its bank loans. Moneyweb Nutella

Italian confectioner Ferrero SpA raised more than $1 billion in dollar-equivalent high-grade private debt to refinance part of its bank loans, people familiar with the matter said. The maker of brands including Nutella spreads and Ferrero Rocher chocolates will use the funds to replace part of the €2 billion it borrowed from lenders when it acquired US ice cream business Wells Enterprises toward the end of last year, said the people, who asked not to be named because the information is private.

The deal is split into euro and dollar-denominated debt and sold at maturities ranging between seven and 12 years. Spokespeople for Ferrero, Bank of America and BNP Paribas declined to comment. Placing high-grade debt privately allows high-grade firms to tap investors directly, thereby bypassing public credit markets rendered more volatile by central banks raising interest rates to tame inflation.

 

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