Credit

Gaining the confidence of investors to accelerate our development.

Tikehau Capital’s financial partners recognise the Group’s long-term growth strategy. This confidence enables us to diversify our sources of financing and mitigate exposure to interest rate fluctuations. Furthermore, this supports the Group’s ESG commitments.

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Presentation

Presentation

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 21 May 2024, Fitch Ratings reaffirmed 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.

FITCH RATINGS RELEASES

Publication Date

File Type

Fitch Ratings – Tikehau Capital BBB- , outlook stable
12 October 2021
12 October 2021
PDF (472KB)
Fitch re-affirms Tikehau Capital at BBB-, outlook stable
17 January 2022
Webcast
Fitch re-affirms Tikehau Capital at BBB-, outlook stable
15 December 2022
15 December 2022
PDF (59KB)
Fitch re-affirms Tikehau Capital at BBB-, outlook stable
26 July 2023
26 July 2023
PDF (417KB)

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 28 March 2024, 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.

File Name

Publication Date

File Type

Inaugural rating letter by S&P Global Ratings
21 March 2022
21 March 2022
PDF (121KB)
Update Rating letter by S&P Global Ratings
23 December 2022
23 December 2022
PDF (521KB)
Update Rating letter by S&P Global Ratings
26 June 2023
26 June 2023
PDF (460KB)
Update Rating letter by S&P Global Ratings
15 July 2024
15 July 2024
PDF (610KB)

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 24 November 2017, the Group announced that it had placed a bond issue of €300 million, maturing in November 2023, with 3% coupon. Settlement took place on 27 November 2017.

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.

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 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 that it had successfully launched and priced a fourth sustainable bond issue in the amount of €300 million and maturing in March 2030. This Senior Unsecured sustainable bond issue is associated with a fixed annual coupon of 6.625%. Clearly oversubscribed, it has been placed with a diversified base of more than 60 investors and has been subscribed by more than 80% of non domestic investors.

Maturity Profile - Amortisation Plan

Maturity Profile Image
  • 100% unsecured debt
  • 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

Date

Currency

Amount (€m)

Annual Coupon

Maturity

Date

27 November 2017

Currency

EUR

Amount (€m)

300

Annual Coupon

3.0%

Maturity

27.11.2023 6 years

Date

14 October 2019

Currency

EUR

Amount (€m)

500

Annual Coupon

2.25%

Maturity

14.10.2026 7 years

Date

31 March 2021

Currency

EUR

Amount (€m)

500

Annual Coupon

1.625%

Maturity

31.03.2029 8 years

Date

14 September 2023

Currency

EUR

Amount (€m)

300

Annual Coupon

6.625%

Maturity

14.09.2030 6 years

ESG

Tikehau Capital Sustainable Framework – 2023 Bond Issue

File Name

Publication Date

File Type

Tikehau Capital Financing Sustainable Framework
31 August 2023
31 August 2023
PDF (585KB)
SPO (Second Party Opinion) of the Framework by ISS
01 September 2023
01 September 2023
PDF (774KB)

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

File Name

Publication Date

File Type

Tikehau Capital Financing Sustainable Framework
18 March 2021
18 March 2021
PDF (3.84MB)
SPO (Second Party Opinion) of the Framework by ISS
17 March 2021
17 March 2021
PDF (900KB)

Sustainable Allocation Reporting

File Name

Publication Date

File Type

Sustainable Bond – Allocation & Impact reporting – 2024
03 July 2024
03 July 2024
PDF (373KB)
External review of sustainable bond allocation reporting by ISS
19 July 2024
19 July 2024
PDF (554KB)
Sustainable Bond – Allocation & Impact reporting – 2024
31 October 2024
31 October 2024
PDF (1.64MB)