Sika's straight bonds show a well balanced and conservative debt maturity profile.

In 2018, Sika issued a convertible bond in the amount of CHF 1,650 million, due 2025, to partially finance the acquisition of its own shares from Compagnie de Saint-Gobain. The conversion price is currently set at CHF 189.10, and will be adjusted on a yearly basis in case dividend paid to shareholders is higher than CHF 1.85 per share.

In 2019, Sika issued a Mandatory Convertible Bond in the amount of CHF 1,300 million, due January 30, 2022. Main purpose of the Bond is the partial financing of the Parex acquisition with equity. S&P has granted high equity content for this instrument.

In 2019 and 2021, Sika signed two Revolving Credit Facilities in the amount of CHF 750 million each, both due 2026. Main purpose of the Facilities is to cover the seasonality in the construction business, the pre-financing of acquisitions, and the reduction of the Group's cash position (thereby reducing the impact of the current negative interest environment). There are no financial covenants.

Overview Debt Maturity

Instrument
Principal
Currency
Amount (millions)
Issuer / Borrower Tenor (years) Maturity Coupon Conversion Price Rating S&P
Straight Bond CHF 150 Sika AG 10 ? 12/07/2022 1.750% - A-
Straight Bond CHF 200 Sika AG 10 ? 14/11/2023 1.875% - A-
Straight Bond CHF 250 Sika AG 6 ? 12/07/2024 0.625% - A-
Convertible Bond CHF 1,650 Sika AG 7 ? 05/06/2025 0.150% 189.10 A-
Straight Bond CHF 140
Sika AG 8 ? 27/03/2026 0.600% - A-
Straight Bond EUR 500 Sika Capital B.V., NL (Guarantee from Sika AG) 8 ? 29/04/2027 0.875% - A-
Straight Bond CHF 130 Sika AG 8 ? 12/07/2028 1.125% - A-
Straight Bond EUR 500 Sika Capital B.V., NL (Guarantee from Sika AG) 12 ? 29/04/2031 1.500% - A-
Total Debt Instruments CHF 2,520 ? ? ? ? ? ?
? ? EUR 1,000 ? ? ? ? ? ?
? ? ? ? ? ? ? ? ?
Revolving Credit Facility (2021) CHF 750 Sika AG 5 13/12/2026 - - -
Revolving Credit Facility (2019) CHF 750 Sika AG 7 01/04/2026 - - -
Total Revolving Credit Facility CHF?1,500 ? ? ? ? ? ?
? ? ? ? ? ? ? ? ?
Mandatory Convertible Notes CHF 1,300 Sika AG 3 ? 30/01/2022 3.750% 130.76 BBB
Total Equity Instruments CHF 1,300 ? ? ? ? ? ?

Bond Maturity Profile

in CHF mn