Barry Callebaut: Tender Offer for EUR Bonds

Barry Callebaut is offering to repurchase up to EUR 600mn of its EUR bonds to improve its funding structure and reduce debt. UBS maintains a Deteriorating outlook on the company's BBB- credit rating pending further deleveraging.

Key Takeaways

• 1.Barry Callebaut (BC) launched a cash tender offer to repurchase up to EUR 600mn of its outstanding EUR 2,450mn nominal bonds.
• 2.UBS maintains a 'Deteriorating' issuer credit outlook for BC until further progress is made on debt reduction.
• 3.Deleveraging remains a key priority for the company to defend its investment-grade credit rating.

Table of Contents

• Tender offer overview
• Investment case
• Barry Callebaut
• CIO credit risk flags
• Issuer credit view
• Risk statement
• Issuer description
• Required disclosures
• UBS CIO risk views
• UBS CIO valuation views
• Sell recommendations
• Issuer valuation views
• Risk Information