Credit Investors

Credit Investors Presentation

Credit Rating

Fitch Ratings

In early 2019, Tikehau Capital was assigned its inaugural rating by financial ratings agency Fitch Ratings. This Investment Grade rating (BBB - stable outlook) confirms the strength of Tikehau Capital's financial profile.

On 26 July 2023, Fitch Ratings affirmed the long-term rating of Tikehau Capital at BBB- with a stable outlook.
In its statement, Fitch Ratings highlighted the strength of Tikehau Capital's financial profile and model while keeping financial ratios at levels consistent with an Investment Grade profile pursuing its development strategy in a decelerating market context.

S&P Global Ratings

On 21 March 2022, Tikehau Capital obtained a second financial rating from the financial rating agency S&P Global Ratings. With a stable outlook, this investment grade rating (BBB-) confirms the strength of Tikehau Capital's financial profile.

On 26 June 2023, S&P Global Rating re-affirmed Tikehau Capital’s Investment Grade (BBB-) with a stable outlook.
In its statement, S&P Global Ratings highlighted the company's ability to use its own balance sheet to develop new strategies and fund vintages, aligning its interests with those of investors and successfully accelerating the growth of third-party AuM. Moreover, S&P Global Ratings expressed its confidence in the Group ability to navigate the business through a volatile current environment.

Credit Lines

Syndicated Revolving Credit Facility 

The €800 million Syndicated Revolving Credit Facility signed on 15 July 2021 has a 5-year maturity. Following two successive maturity extensions, the loan will mature on 13 July 2028.

Bonds & Private Placements

On 7 October 2019, the Group announced that it had placed a second bond issue of €500 million, maturing in October 2026, with 2.25%. Settlement took place on 14 October 2019.

On 24 March 2021, the Group announced that it had placed a third bond issue of €500 million, the first Sustainable bond issued by the Group, maturing in March 2029. Settlement took place on 31 March 2021. This issue of senior unsecured sustainable bond is associated with a fixed annual coupon of 1.625%, the lowest ever achieved by the Group. The use of proceeds follow the Sustainable Bond Framework set by the Group and verified and approved by ISS ESG Agency.

On 11 February 2022, The Group announced that it has successfully priced an inaugural US Private Placement (USPP) for a total amount of $180m structured in 2 tranches with maturities of 10 ($115m) and 12 years ($65m), the longest ever achieved by the Group. The use of proceeds will follow the same Sustainable Bond Framework applying to the sustainable bond issued in March 2021. This transaction highlights US investors’ confidence in the Group’s credit quality and growth strategy over the long term and allows Tikehau Capital to diversify its sources of financing while emphasizing its commitment to sustainability. Pricing was completed on 11 February 2022 and closing occurred on 31 March 2022.

On 8 September 2023, The Group announced the fourth bond issue of €300 million euros maturing on 14 March 2030 with a 6.625% fixed annual coupon on the European public market. It is the third sustainable instrument issue after the inaugural sustainable bond in March 2021 and the US Private Placement in March 2022. The Use of Proceeds is allocated according to the Sustainable Bond Framework which has been approved by ISS ESG Agency as a Second Party Opinion.

Maturity Profile - Amortisation Plan(1)

(1) As of 14 September 2023

  • 100% unsecureddebt
  • Diversified sources of funding (balanced between bonds and banking debt)
  • Limited exposure to interest rate risk (with more than 65% of the total indebtedness with a fixed rate)

Bond Issues

  ISIN code Currency Amount (€m) Annual Coupon Maturity Prospectus
14 October 2019 FR0013452893 EUR 500 2.25% 14/10/2026
7 years
31 March 2021 FR0014002PC4 EUR 500 1.625% 31/03/2029
8 years
14 September 2023 FR001400KKX9 EUR 300 6.625% 14/03/2030
6.5 years

ESG

The inaugural Sustainability Bond allows us to allocate eligible investments to our 4 priority impact themes: climate change, innovation, social inclusion and health. This fundraising effort is a strong signal of support for investment teams already involved in impact investing.

- Laure Villepelet, Head of CSR/ESG at Tikehau Capital

Tikehau Capital Sustainable Framework – 2023 Bond Issue

Tikehau Capital Sustainable Framework – 2021 Bond Issue & 2022 USPP Issue

Sustainable Allocation Reporting