FundraiseAug 13, 2026, 10:59 UTC

Haleon prices $2B bond, one of UK health's largest debt raises

What's the deal? Haleon has priced a $2 billion three-tranche bond offering through its subsidiary Haleon US Capital LLC, the UK consumer health group announced on August 13, 2026. The offering settles on August 21.

The breakdown: It splits into $600 million of notes due 2029 at a 4.625% coupon, $600 million due 2031 at 4.875%, and $800 million due 2036 at 5.375%. Haleon plc fully guarantees principal and interest.

What's the money for? Haleon plans to use net proceeds, plus cash on hand if needed, to repurchase its outstanding $1,999,350,000 3.375% notes due March 2027, part of a tender offer announced on August 11, with the rest for general corporate purposes.

Who ran it? Barclays Capital, BofA Securities, Deutsche Bank Securities, Goldman Sachs, and Mizuho Securities USA acted as joint book-running managers on the SEC-registered offering.

Why now? The raise refinances debt maturing in 2027, swapping the 3.375% notes for longer-dated paper at higher coupons — a reflection of the rate environment since Haleon's 2027 notes were issued.

The signal: At $2 billion, this ranks among the largest post-IPO debt raises by a UK health company on record. For Haleon, spun out of GSK, it marks another step in managing its balance sheet as an independent listed group across the LSE and NYSE.