Pernod seeks fresh finance

Pernod seeks fresh finance

Pernod Ricard has said it plans to raise extra finance by launching a Euro-denominated bond.

The France-based company, said today (10 March) that it has recruited Barclays Capital, HSBC, Mitsubishi UFJ Securities International and Natixis to orchestrate the bond issue.

Pernod did not say how much it is looking to raise nor what the finance would be used for. Timing of the issue will be "subject to market conditions", it said.

The wine & spirits group has been working to reduce debt since its acquisition of Absolut owner Vin & Sprit for EUR5.6bn ($7.6bn) in 2008.

Pernod's net debt fell by EUR565m to EUR10.3bn in the six months to the end of December 2009, due to the disposal of the Tia Maria brand and strong cash generation.