Finnish packaging company Huhtamaki said on Monday it plans to issue new debt and buy back some of its existing notes, a move to refinance its obligations amid a challenging market.
The company is considering issuing 300 million euros in new fixed-rate notes, subject to market conditions, under a newly established 2 billion euro debt program.
Concurrently, Huhtamaki launched a cash tender offer for two of its outstanding euro-denominated notes that mature in 2026 and 2027.
The offer covers all of its 175 million euros of notes due in 2026 and up to 100 million euros of its 500 million euros of sustainability-linked notes due in 2027, the company said.
The buyback is conditional on the successful pricing and sale of the new notes.
The refinancing comes as Huhtamaki navigates what its chief executive called a 'volatile environment' in its latest half-year report.
In the first half of 2025, the company reported a 2% decrease in net sales and a 1% drop in adjusted operating profit, citing consumer cautiousness and geopolitical tensions.
Huhtamaki has used similar debt refinancing strategies in the past, including tender offers conducted in 2017 and 2023.
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