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:
Positive outlook
Stable
Short-term rating:
Stable
Stable
As at 30th September 2024.
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 30th September 2024.
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 2024, the Group had no commercial paper balance (31st December 2023: no commercial paper outstanding).
Relevant programme information can be found in the downloads tab.
Debt Maturity Profile1 (£bn Equivalent)
1 Principal value of bond debt as at 30th September 2024.
USD and EUR debt converted to GBP using the spot rates on 30th September 2024 as follows:
Net debt was £8,415m as at 30th June 2024, reduced from £8,514m as at 31st December 2023.
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 30th June 2024, 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 30th September 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 UK Capital Plc | EUR | 750 | 18/09/2024 | 18/09/2028 | 2.875% | 290202477 | XS2902024772 |
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 | 300 | 18/09/2024 | 18/09/2033 | 4.625% | 290208670 | XS2902086706 |
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
Debt Investor Materials
| Date | Document | Downloads |
| 1 August 2024 | H1 2024 Debt Investor Factsheet | |
| 11 April 2024 | FY23 Results - Debt Investor Presentation | |
| 15 March 2024 | FY23 Debt Investor Factsheet | |
| 8 September 2023 | H1 2023 Debt Investor Factsheet | |
| 28 March 2023 | FY22 Results - Debt Investor Presentation | |
| 28 March 2023 | FY22 Debt Investor Factsheet |
Bond Programme Materials
| Date | Document | Downloads |
| 18 September 2024 | EUR & GBP Pricing Supplement | |
| 9 September 2024 | 2024 EMTN – Supplementary Listing Particulars | |
| 3 May 2024 | 2024 EMTN – Listing Particulars | |
| 3 May 2024 | 2024 EMTN – Trust Deed | |
| 11 May 2023 | 2023 EMTN - Agency Agreement | |
| 24 March 2022 | 144A Offering Listing Particulars |
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