Debt 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 S&P and Moody’s as follows:
As at 12th December 2022
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 11th November 2022.
Medium / Long-term liquidity
Programmes |
Limit |
Rating (S&P/Moody’s) |
|---|---|---|
Euro Commercial Paper |
£2 billion |
A-2 / P-2 |
US Commercial Paper |
$10 billion |
A-2 / P-2 |
Euro Medium Term Note programme |
£10 billion |
BBB / Baa1 |
Issuing entities listed under EMTN programme:
- GSK Consumer Healthcare Capital NL B.V.
- GSK Consumer Healthcare Capital UK plc
Issuing entities listed under 24th March 2022 144A offering:
- GSK Consumer Healthcare Capital US LLC
- GSK Consumer Healthcare Capital UK plc
EMTN Listing Particulars can be found here.
24th March 2022 144A Offering Listing Particulars can be found here.
As at 30th September, Haleon also has £750m outstanding of a GBP Term Loan.
Bond Debt Maturity Profiles (£bn Equivalent)
USD and EUR bonds converted to GBP using the spot rates on 30th October 2022 as follows: GBPEUR 1.1614 GBPUSD 1.1541
Net debt as at 30 September 2022 was £10,784m compared to £10,707m on 18 July 2022 at demerger.This included an adverse foreign exchange impact from the US Dollar and the £750m repayment of the £1.5bn term loan.
Below is a table of the bonds guaranteed by Haleon plc as at 12th December 2022.
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 cf-treasury@haleon.com
Haleon Investor Relations investor-relations@haleon.com Tel: +44 (0) 7552 484 646