Clariane proposes €500m of 2032 notes and a replacement €700m credit facility

Clariane announced a refinancing package on 7 September 2026.

Bond offering and uses

The proposed €500m senior notes mature in 2032. Proceeds, together with existing cash, would repay a €350m term loan, a €150m real-estate term loan, and transaction fees.

Completion remains subject to market conditions. Today's announcement does not provide the final bond coupon or confirm settlement.

Replacement credit facility

Banks have agreed, conditional on the offering completing, to a €700m revolving facility with a five-year maturity, potentially expandable to €900m through an accordion.

Borrowing costs would be EURIBOR plus 1.75%–3.50%, depending on leverage, with an additional ESG adjustment.

The proposed Wholeco leverage covenant tightens over time, from below 7.0 times through June 2027 to 6.0 times from June 2029. Distribution restrictions also apply.

What to watch

The package aims to refinance obligations and extend flexibility; it is not €1.2bn of additional cash raised for growth.

The next milestones are bond pricing, completion and activation of the bank facility, followed by progress against the tightening leverage requirements.

Source: Company announcement, 7 September 2026.