Wesfarmers raised €600 million through Eurobond issue to fuel its activity

Wesfarmers has priced a €600 million (approximately A$1.06 billion) Eurobond under its €3 billion Euro Medium Term Note Programme, marking a strategic step in expanding its debt funding sources and extending its maturity profile. The seven-year senior unsecured notes, maturing in June 2032, were priced at a margin of 0.95 percentage points over the seven-year Euro mid-swap rate. Proceeds from the issue will be swapped into Australian dollars and used for general corporate purposes.

Subject to standard closing conditions, settlement of the transaction is scheduled for 10 June 2025. The notes will be listed on the Singapore Exchange for compliance purposes and will not be available to retail investors in Australia.

Wesfarmers Chief Financial Officer Anthony Gianotti said the issue was significantly oversubscribed, drawing interest from both new and existing investors in Europe and Asia. “This reflects the quality of the Group’s businesses and the strength of our balance sheet,” Gianotti said in a statement.

The offering comes as the company seeks to capitalise on favourable market conditions and diversify its funding base with long-dated capital markets debt. Barclays Bank PLC, BNP Paribas, Goldman Sachs International, SMBC Bank International plc, and Société Générale acted as joint lead managers on the transaction.

Wesfarmers holds long-term credit ratings of A3 (stable) from Moody’s Investors Service and A− (stable) from S&P Global Ratings.