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.
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:
Stable
Stable
Short-term rating:
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:
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:
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 | |
| 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 Particulars |
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