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Today, Carlsberg Breweries has announced the intention to issue two tranches of euro denominated fixed rate reset subordinated notes (hybrid notes) with first call date after 5 years and 7.75 years, respectively, and with a final maturity in 3026.

The purpose of the intended issuance of the hybrid notes is, amongst other things, to proactively manage Carlsberg's capital structure and expected redemption profile of its outstanding notes.  

In connection with the intended issuance of the hybrid notes, (i) Carlsberg is inviting holders of its €850,000,000 floating rate notes due February 2027, €500,000,000 0.375% notes due 30 June 2027, €700,000,000 4.000% notes due 5 October 2028 and €1,000,000,000 3.000% notes due 28 August 2029 to tender their notes for purchase by Carlsberg, and (ii) Carlsberg announces its intention to exercise its option to redeem its €750,000,000 3.500% notes due 26 November 2026 at their make-whole redemption price. 

For further information, see attached company announcement from Carlsberg Breweries.