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KPN issues a 5 year 750 million Eurobond and a 10 year 750 million Eurobond
Den Haag, 28-1-09
KPN has successfully launched a dual tranche Eurobond consisting of two bonds for respectively an amount of EUR 750 million, with a 5 year maturity and a coupon of 6.25% and for an amount of EUR 750 million, with a 10 year maturity and a coupon of 7.50%. These bonds have been placed with a broad range of institutional investors across Europe.
The bonds have been issued under KPN’s Global Medium Term Note programme and will be listed on Euronext Amsterdam. The proceeds of this bond will be used to refinance debt and for general corporate purposes. Following the successful execution of these Eurobond transactions, KPN terminates its EUR 0.4 billion backstop credit facility which was signed on 22 October 2008.
KPN has a credit rating of BBB+ with stable outlook by S&P and Baa2 with stable outlook by Moody's.
Deutsche Bank, Fortis Bank Nederland, ING and J.P. Morgan have acted as joint bookrunners for this transaction.
