Issue of Debut Public Bond

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OF AMERICA OR THE DISTRICT OF COLUMBIA (the UNITED STATES) OR IN OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT.

Associated British Foods plc is pleased to announce the successful launch of its inaugural public bond, £400m, 2.5 per cent, due 2034. The bonds are expected to be rated ‘A’ by S&P Global Ratings. The bonds will diversify the Group’s sources of funding and extend the duration of its borrowings, and are being issued ahead of the maturity of its remaining Private Placement notes.

ABF’s financial leverage and liquidity policies underpin a commitment to manage the Group’s balance sheet to ensure long-term financial stability. These include a financial leverage policy of total net debt to Adjusted EBITDA of well under 1.5 times whilst also holding substantial net cash balances. 

John Bason, Finance Director, said:

“We are delighted to announce ABF’s inaugural public bond issue. These bonds will diversify the source of funding for the Group. They will enhance our liquidity and support the continued investment for growth in our businesses.”

For further information please contact:

Associated British Foods:
John Bason, Finance Director
Tel: 020 7399 6545

Citigate Dewe Rogerson:
Tel: 020 7638 9571
Chris Barrie
Tel: 07968 727289
Jos Bieneman
Tel: 07834 336650

Issue of Debut Public Bond

DISCLAIMER

This announcement does not constitute an offering of the securities described herein (the “Notes”) for sale in the United States.  This is not for distribution in the United States.  The Notes have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "Securities Act") or under any relevant securities laws of any state or other jurisdiction of the United States, and are subject to U.S. tax law requirements.  Subject to certain exceptions, the Notes may not be offered, sold or delivered within the United States or to, or for the account or benefit of U.S. persons, as such terms are defined in Regulation S under the Securities Act.  There will be no public offering of the Notes in the United States.

Under no circumstances shall this announcement constitute an offer to sell or the solicitation of an offer to buy any Notes in any jurisdiction where it is unlawful to do so. Recipients of this announcement who intend to subscribe for or purchase the Notes are reminded that any subscription or purchase may only be made on the basis of the information contained in the final prospectus relating to the Notes.