Michelin raises €2.5bn through European bond offerings

Paris – Michelin has placed a three-tranche bond offering valued at $2.9 billion (€2.5 billion), the net proceeds of which will be used for general corporate purposes.

Michelin said the bond offering—comprising tranches with 7-, 12- and 20-year maturities—was oversubscribed, “reflecting institutional investors’ confidence in Michelin’s credit quality.”

The issue supports Michelin’s strategy of “actively managing its debt and strengthening its liquidity,” and will help diversify the firm’s sources of financing, while enhancing its financial flexibility by lengthening the average maturity of its debt.

The settlement of the…

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