Pernod Ricard (the "Company") announces the successful completion of its tender offer, announced on 20 October 2026, in respect of its (i) €600,000,000 3.750 per cent. notes due 15 September 2027 (ISIN: FR001400KPB4) (the "September 2027 Notes"), (ii) €500,000,000 0.500 per cent. notes due 24 October 2027 (ISIN: FR0013456431) (the "October 2027 Notes"), (iii) €600,000,000 3.250 per cent. sustainability-linked notes due 2 November 2028 (ISIN: FR001400DOV0) (the "November 2028 Notes"), (iv) €1,000,000,000 1.750 per cent. notes due 8 April 2030 (ISIN: FR0013506532) (the "April 2030 Notes"), (v) €700,000,000 3.375 per cent. notes due 7 November 2030 (ISIN: FR001400PX40) (the "November 2030 Notes"), (vi) €800,000,000 3.250 per cent. notes due 3 March 2032 (ISIN: FR001400XRB3) (the "March 2032 Notes") and (vii) €500,000,000 3.750 per cent. sustainability-linked notes due 2 November 2032 (ISIN: FR001400DP44) (the "November 2032 Notes" and, together with the September 2027 Notes, the October 2027 Notes, the November 2028 Notes, the April 2030 Notes, the November 2030 Notes and the March 2032 Notes, the "Existing Notes").
Following the successful completion of the issue of the New Notes, the total aggregate principal amount of September 2027 Notes validly tendered and accepted for purchase by the Company is €319,400,000, while the total aggregate principal amount of the other Existing Notes validly tendered and accepted for purchase by the Company is €900,000,000, broken down as follows: €141,500,000 of October 2027 Notes, €168,700,000 of November 2028 Notes, €270,600,000 of November 2030 Notes and €319,200,000 of March 2032 Notes.
All of the notes so purchased by the Company will be cancelled. The Settlement Date is expected to occur on 30 October 2026.
In respect of the September 2027 Notes, as the 75 per cent. threshold has not been met, the Company may have recourse to its right to redeem the September 2027 Notes, in whole or in part, at a make-whole redemption amount under Condition 7(f) of their terms and conditions, as further described under "Risk Factors - Rights of the Company to redeem the Existing Notes prior to their Maturity Date" in the Tender Offer Memorandum. Any future redemption decision will depend on circumstances prevailing at the time.
This transaction enables the Company to proactively manage its capital structure and expected debt maturity profile. It follows the successful issue of Euro denominated deeply subordinated notes under its EMTN programme (the "New Notes"), in an aggregate amount of €1,500,000,000, split into two tranches of €750,000,000 each, respectively with a perpetual NC5.25 maturity and a perpetual NC8 maturity. The NC5.25 tranche carries a fixed annual coupon of 5.625 per cent. and the NC8 tranche a fixed annual coupon of 6.125 per cent. Based on IFRS accounting standards currently applicable, Pernod Ricard will account for the New Notes entirely as equity. The New Notes will be issued and are expected to be admitted to trading on Euronext Paris on 28 October 2026.