Share


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.

For information on Haleon's approach to ESG, please visit our ESG reporting Hub


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 31st October 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
  • $1.3 billion Revolving Credit Facility (maturity date 22nd September 2024)
  • £0.9 billion Revolving Credit Facility (maturity date 22nd September 2026)

Both Facilities were undrawn as at 31st October 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

 -  -
US Shelf Registration n/a Yes - Yes

Euro Medium Term Note programme

£10 billion

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

 

As at 30th June 2023, the Group had a balance of £463m (31st December 2022: £302m) of outstanding commercial papers. The weighted average interest rate on the commercial paper as at 30th June 2023 was 4.81% (31st December 2022: 3.23%).

Relevant programme information can be found in the downloads tab.

Debt Maturity Profile1 (£bn Equivalent)

1Principal value of bond debt as at 31st October 2023

USD and EUR debt converted to GBP using the spot rates on 31st October 2023 as follows:

  • GBPEUR 1.14
  • GBPUSD 1.22

At the demerger in July 2022, Haleon had net debt of £10,707m, representing leverage of around 4x net debt/Adjusted EBITDA. Strong cash generation and Adjusted EBITDA growth since then, resulted in net debt at 30th June 2023 of £9,525m with H1 2023 leverage of 3.4x. As debt is largely matched to the regions where profit is earned, there is a natural hedge on foreign exchange movements over time. At 30th June 2023, 75% 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 31st October 2023.

 

Issuer

Issue currency

Issue amount (millions)

Issue date

Maturity date

Coupon

CUSIP

ISIN

Haleon Netherlands Capital B.V.

EUR

850

29/03/2022

29/03/2026

1.250%

246232474

XS2462324745

Haleon Netherlands Capital B.V.

EUR

750

29/03/2022

29/03/2030

1.750%

246232482

XS2462324828

Haleon Netherlands Capital B.V.

EUR

750

29/03/2022

29/03/2034

2.125%

246232512

XS2462325122

Haleon UK Capital plc

GBP

300

29/03/2022

29/10/2028

2.875%

246232504

XS2462325049

Haleon UK Capital plc

GBP

400

29/03/2022

29/03/2038

3.375%

246244669

XS2462446696

Haleon US Capital LLC

USD

700

24/03/2022

24/03/2024

3.024%

36264FAA9

US36264FAA93

Haleon US Capital LLC

USD

-

24/03/2022

24/03/2024

3.024%

36264FAH4

US36264FAH47

Haleon US Capital LLC

USD

-

24/03/2022

24/03/2024

3.024%

U04020AA8

USU04020AA82

Haleon UK Capital plc

USD

1,750

24/03/2022

24/03/2025

3.125%

36264NAA2

US36264NAA28

Haleon UK Capital plc

USD

-

24/03/2022

24/03/2025

3.125%

36264NAB0

US36264NAB01

Haleon UK Capital plc

USD

-

24/03/2022

24/03/2025

3.125%

G4164DAA6

G4164DAA6

Haleon US Capital LLC

USD

2,000

24/03/2022

24/03/2027

3.375%

36264FAB7

US36264FAB76

Haleon US Capital LLC

USD

-

24/03/2022

24/03/2027

3.375%

36264FAK7

US36264FAK75

Haleon US Capital LLC

USD

-

24/03/2022

24/03/2027

3.375%

U04020AB6

USU04020AB65

Haleon US Capital LLC

USD

1,000

24/03/2022

24/03/2029

3.375%

36264FAC5

US36264FAC59

Haleon US Capital LLC

USD

-

24/03/2022

24/03/2029

3.375%

36264FAL5

US36264FAL58

Haleon US Capital LLC

USD

-

24/03/2022

24/03/2029

3.375%

U04020AC4

USU04020AC49

Haleon US Capital LLC

USD

2,000

24/03/2022

24/03/2032

3.625%

36264FAD3

US36264FAD33

Haleon US Capital LLC

USD

-

24/03/2022

24/03/2032

3.625%

36264FAM3

US36264FAM32

Haleon US Capital LLC

USD

-

24/03/2022

24/03/2032

3.625%

U04020AD2

USU04020AD22

Haleon US Capital LLC

USD

1,000

24/03/2022

24/03/2052

4.000%

36264FAE1

US36264FAE16

Haleon US Capital LLC

USD

-

24/03/2022

24/03/2052

4.000%

36264FAN1

US36264FAN15

Haleon US Capital LLC

USD

-

24/03/2022

24/03/2052

4.000%

U04020AE0

USU04020AE05


Please note that the name of each bond issuing entity was changed in March 2023; the names of GSK Consumer Healthcare Capital UK plc, GSK Consumer Healthcare Capital US LLC and GSK Consumer Healthcare Capital NL B.V. were changed to Haleon UK Capital plc, Haleon US Capital LLC and Haleon Netherlands Capital B.V. respectively.

Mike Rowe
Head of Treasury
[email protected]

 

Haleon Investor Relations
[email protected]

Tel: +44 (0) 7552 484 646

 
Date Document Downloads
8 September 2023 Haleon H1 2023 Debt IR Factsheet   PDF
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 Particulars PDF