Luxury goods maker Richemont said on Friday it had raised €3.75bn in its inaugural euro-denominated bond issue. The net proceeds will be used for general corporate purposes, which may include funding the acquisition of Yoox Net-A-Porter Group. Chairperson Johann Rupert said in a statement that the company had taken advantage of a low interest-rate environment in the euro area to raise long-term debt. The notes are priced with a coupon of 1% for the €1.5bn eight-year maturity note, 1.5% for the €1.25bn 12-year note and 2% for the €1.0bn 20-year note. The share price was marginally higher during the opening trade on the JSE, giving Richemont a market value of R553bn.
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