Sika's 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. As of July 31, 2022, bond holders converted a total principle amount of CHF 383 million resulting in an outstanding convertible bond amount of CHF 1,267 million. The conversion price is currently set at CHF 188.45, and will be adjusted on a yearly basis in case dividend paid to shareholders is higher than CHF 1.85 per share.
 

Other available credit facilities

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 and the pre-financing of acquisitions.

In November 2021, Sika installed a bridge credit facility of EUR 5,000 million, due in May 2024, to finance the planned acquisition of MBCC. 

Sika currently does not use any of these credit facilities and 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 200 Sika AG 10   14/11/2023 1.875% - A-
Straight Bond CHF 100 Sika AG 1.5 28/05/2024 1.60% - A-
Straight Bond CHF 250 Sika AG 6   12/07/2024 0.625% - A-
Convertible Bond CHF 1,267 Sika AG 7   05/06/2025 0.150% 188.45 A-
Straight Bond CHF 200 Sika AG 3 28/11/2025 1.90% - 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 CHF 300 Sika AG 6 28/11/2028 2.35% - 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 2,587            
    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            
               
Bridge Facility (2021) EUR 5,000 Sika AG 2.5 10/05/2024 - - -
Total Bridge Facility
EUR 5,000            

Bond Maturity Profile as of  October 31st, 2022

All figures in CHF mn

Bond maturity profile chart