JAB Group (JABHOL; Baa1, BBB+;S) 10Y Mandate

The privately held investment holdco focusing on consumer goods & retail has a 10Y Mandate out, pricing likely today, FV to follow.

LTV is currently at 20%, ceiling from S&P is 25%, it targets 15-20% and its generally kept it there (outside a spike in 2020/Covid). Re. investments, despite defensive exposure in consumer names it still has some concentration risk with what looks like over ~50% of assets in 5 companies; {JDEP NA Equity}, NVA Group, Panera Brands, {KDP US Equity} & {COTY US Equity} - though does have controlling/50%+ stake in all 5. Dividend income generally not significant vs. fluctuations in underlying investments - equity valuations here might be point of concern.
Financials from roadshow deck;

• Standalone LTV ratio target of 15-20%, currently 20%.
• Portfolio value at $54b against 11.3b in debt.
• Liquidity at $7.9b including $4.6b in cash and $3.3b in credit facilities.
• Cash and LTV above pro-forma KDP {KDP US Equity} sell-down raising $2.9b in late-Feb.
• 66% of holding in publicly traded companies (i.e. liquid assets) - positive for disposals but does bring volatility in net market-value based leverage.
• Does not guarantee indebtedness of investments.
• Maturities are relatively spread out, avg. €600-750m/year outside of €1.25b due in 2027 - all Euro bonds outside small '30 line & long-end 51/52s.