dsm-firmenich implements cross-guarantee agreement to mitigate structural subordination

dsm-firmenich announces that it has signed a cross-guarantee agreement with DSM BV, Firmenich International SA and DSM-Firmenich AG to mitigate structural subordination within the group.

The agreement allows the group to develop a centralized financing structure, in line with its commitment to maintain a strong investment grade rating, and to develop a peer platform for existing and future senior unsecured notes.

The cross-guarantee agreement includes downstream guarantees provided by the parent company DSM-Firmenich Group to its wholly owned subsidiaries DSM BV and Firmenich International SA, and upstream guarantees provided by these two subsidiaries to the parent company. The guarantees are irrevocable and unconditional and cover existing and future senior unsecured debt instruments of these entities, including the group's existing senior unsecured bonds.