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Haleon’s Treasury department monitors and manages the Group’s external and internal funding requirements and financial risks in support of our strategic objectives. Haleon operates on a global basis, primarily through subsidiary companies, and we manage our capital to ensure that our subsidiaries are able to operate as going concerns and to optimise returns to shareholders through an appropriate balance of debt and equity.


Haleon has solicited credit ratings from Moody's and S&P as follows:

Long-term rating:

Moody's
Baa1

Stable

S&P
BBB

Stable


Short-term rating:

Moody's
P2

S&P
A2


As at 2 March 2023

The principal source of liquidity is cash generated from operations. As and when required, Haleon’s policy is to borrow centrally in order to meet anticipated funding requirements. The strategy is to diversify liquidity sources using a range of facilities and to maintain broad access to financial markets.

Short-term liquidity

Haleon has access to multiple sources of short-term finance:

  • Cash and Cash Equivalents including liquid investments
  • $1.4 billion Revolving Credit Facility (initial maturity date 24th September 2023)
  • £1 billion Revolving Credit Facility (initial maturity date 24th September 2025)

Both Facilities were undrawn as at 2 March 2023.

Medium / Long-term liquidity

Issuing entity listed on respective programme/offering
 

Limit

Haleon UK Capital plc

Haleon NL Capital B.V Haleon US Capital LLC

US Commercial Paper Programme

$10 billion

Yes

 - Yes

Euro Commercial Paper Programme

£2 billion

Yes

 -  -

Euro Medium Term Note programme

£10 billion


Yes
Yes  - 
24th March 2022 144a offering n/a Yes  -  Yes

 

Relevant programme information can be found in the downloads tab.

Debt Maturity Profile1 (£bn Equivalent)

1Principal value of bond debt and issued Commercial Paper

USD and EUR debt converted to GBP using the spot rates on 31 December 2022 as follows:

  • GBPEUR 1.127
  • GBPUSD 1.203

At the demerger, Haleon had net debt of £10,707m. Strong cash generation since the separation from GSK, resulted in net debt at 31 December 2022 of £9,868m, which underpins Haleon’s confidence in its expectation to de-lever rapidly to an expected level of less than 3x net debt/Adjusted EBITDA during 2024. Following demerger, Haleon fully repaid £1.5bn of its term loan through a combination of operational cash flows and £0.3bn of commercial paper issuance in H2. Net debt at 31 December 2022 included £75m of adverse translation FX incurred since the demerger. As debt is largely matched to the regions where profit is earned, there is a natural hedge on foreign exchange movements over time. At 31 December 2022, 87% of debt was fixed with the balance being exposed to floating rates.

Below is a table of the bonds guaranteed by Haleon plc as at 2 March 2023.

 

Issuer

Issue currency

Issue amount (millions)

Issue date

Maturity date

Coupon

CUSIP

ISIN

GSK Consumer Healthcare Capital Nl B.V.

EUR

850

29/03/2022

29/03/2026

1.250%

246232474

XS2462324745

GSK Consumer Healthcare Capital Nl B.V.

EUR

750

29/03/2022

29/03/2030

1.750%

246232482

XS2462324828

GSK Consumer Healthcare Capital Nl B.V.

EUR

750

29/03/2022

29/03/2034

2.125%

246232512

XS2462325122

GSK Consumer Healthcare Capital UK plc

GBP

300

29/03/2022

29/10/2028

2.875%

246232504

XS2462325049

GSK Consumer Healthcare Capital UK plc

GBP

400

29/03/2022

29/03/2038

3.375%

246244669

XS2462446696

GSK Consumer Healthcare Capital US LLC

USD

700

24/03/2022

24/03/2024

3.024%

36264FAA9

US36264FAA93

GSK Consumer Healthcare Capital US LLC

USD

-

24/03/2022

24/03/2024

3.024%

36264FAH4

US36264FAH47

GSK Consumer Healthcare Capital US LLC

USD

-

24/03/2022

24/03/2024

3.024%

U04020AA8

USU04020AA82

GSK Consumer Healthcare Capital US LLC

USD

300

24/03/2022

24/03/2024

SOFR + 0.89%

36264GAB5

US36264GAB59

GSK Consumer Healthcare Capital US LLC

USD

-

24/03/2022

24/03/2024

SOFR + 0.89%

36264FAJ0

US36264FAJ03

GSK Consumer Healthcare Capital US LLC

USD

-

24/03/2022

24/03/2024

SOFR + 0.89%

U0396GAB9

USU0396GAB96

GSK Consumer Healthcare Capital UK plc

USD

1,750

24/03/2022

24/03/2025

3.125%

36264NAA2

US36264NAA28

GSK Consumer Healthcare Capital UK plc

USD

-

24/03/2022

24/03/2025

3.125%

36264NAB0

US36264NAB01

GSK Consumer Healthcare Capital UK plc

USD

-

24/03/2022

24/03/2025

3.125%

G4164DAA6

G4164DAA6

GSK Consumer Healthcare Capital US LLC

USD

2,000

24/03/2022

24/03/2027

3.375%

36264FAB7

US36264FAB76

GSK Consumer Healthcare Capital US LLC

USD

-

24/03/2022

24/03/2027

3.375%

36264FAK7

US36264FAK75

GSK Consumer Healthcare Capital US LLC

USD

-

24/03/2022

24/03/2027

3.375%

U04020AB6

USU04020AB65

GSK Consumer Healthcare Capital US LLC

USD

1,000

24/03/2022

24/03/2029

3.375%

36264FAC5

US36264FAC59

GSK Consumer Healthcare Capital US LLC

USD

-

24/03/2022

24/03/2029

3.375%

36264FAL5

US36264FAL58

GSK Consumer Healthcare Capital US LLC

USD

-

24/03/2022

24/03/2029

3.375%

U04020AC4

USU04020AC49

GSK Consumer Healthcare Capital US LLC

USD

2,000

24/03/2022

24/03/2032

3.625%

36264FAD3

US36264FAD33

GSK Consumer Healthcare Capital US LLC

USD

-

24/03/2022

24/03/2032

3.625%

36264FAM3

US36264FAM32

GSK Consumer Healthcare Capital US LLC

USD

-

24/03/2022

24/03/2032

3.625%

U04020AD2

USU04020AD22

GSK Consumer Healthcare Capital US LLC

USD

1,000

24/03/2022

24/03/2052

4.000%

36264FAE1

US36264FAE16

GSK Consumer Healthcare Capital US LLC

USD

-

24/03/2022

24/03/2052

4.000%

36264FAN1

US36264FAN15

GSK Consumer Healthcare Capital US LLC

USD

-

24/03/2022

24/03/2052

4.000%

U04020AE0

USU04020AE05

Mike Rowe
Head of Treasury
[email protected]

 

Haleon Investor Relations
[email protected]

Tel: +44 (0) 7552 484 646

 
Date Document Downloads
11 May 2023 Haleon 2023 EMTN - Listing Particulars  PDF
11 May 2023 Haleon 2023 EMTN - Trust Deed PDF
11 May 2023 Haleon 2023 EMTN - Agency Agreement  PDF
28 March 2023 FY22 Results - Debt Investor Presentation PDF
28 March 2023 FY22 Debt Investor Factsheet  PDF
24 March 2022 144A Offering Listing Particluars PDF