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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:
Stable
Stable
As at 31st December 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 December 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 31st December 2023, the Group had no commercial paper balance (31st December 2022: £302m).
Relevant programme information can be found in the downloads tab.
Debt Maturity Profile1 (£bn Equivalent)
1 Principal value of bond debt as at 31st March 2024.
USD and EUR debt converted to GBP using the spot rates on 31st March 2024 as follows:
Net debt was £8,514m as at 31st of December 2023, reduced from £9,868m as at 31 December 2022.
The currency of debt is largely matched to the regions where profit is earned, so there is a natural hedge on foreign exchange movements over time. As at 31st December 2023, 77% 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 March 2024.
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 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 |
3 May 2024 | Haleon 2024 EMTN – Listing Particulars | |
3 May 2024 | Haleon 2024 EMTN – Trust Deed | |
11 April 2024 | April 2024 - Debt Investor Presentation | |
15 March 2024 | FY 23 Debt Investor Factsheet | |
8 September 2023 | H1 2023 Debt Investor Factsheet | |
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 |