Investors
Investors
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:
Stable
Stable
Short-term rating:
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:
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:
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 | |
| 11 May 2023 | Haleon 2023 EMTN - Trust Deed | |
| 11 May 2023 | Haleon 2023 EMTN - Agency Agreement | |
| 28 March 2023 | FY22 Results - Debt Investor Presentation | |
| 28 March 2023 | FY22 Debt Investor Factsheet | |
| 24 March 2022 | 144A Offering Listing Particluars |
Related
