The Magnum Ice Cream Company successfully completes €3 billion debut bond issuance

Rhea-AI Summary

The Magnum Ice Cream Company (MICC) completed a €3.0 billion debut bond issuance on 24 November 2025 through Magnum ICC Finance B.V., split across four €750 million tranches under a newly established €8 billion EMTN programme. The Notes carry fixed coupons of 2.750% (due Feb 2029), 3.250% (due Nov 2031), 3.750% (due Nov 2034) and 4.000% (due Nov 2037). The issue was oversubscribed by over seven times. Ratings are BBB (S&P) and Baa2 (Moody’s). Net proceeds will fund general corporate purposes, including facilitating the demerger of the TMICC Group from Unilever. An application has been made to admit the Notes to trading on the London Stock Exchange International Securities Market with effect on or around 26 November 2025.

Positive

• €3.0bn debut bond issuance completed
• Order book oversubscribed by over 7x
• €8bn Euro Medium Term Note programme established
• Investment grade ratings: BBB (S&P) and Baa2 (Moody’s)

Negative

• All Notes are senior unsecured (no collateral)
• Longest maturity carries a 4.000% fixed coupon to Nov 2037

Key Figures

Debut bond issuance: €3 billion EMTN programme size: €8 billion Tranche size: €750 million +5 more

8 metrics

Debut bond issuance €3 billion Total size across four tranches for inaugural public bond

EMTN programme size €8 billion New Euro Medium Term Note programme capacity

Tranche size €750 million Size of each of the four fixed rate senior unsecured note tranches

Order book coverage Over seven times Order book oversubscription relative to offered bond size

2029 notes coupon 2.750 per cent. Fixed rate senior unsecured notes due February 2029

2031 notes coupon 3.250 per cent. Fixed rate senior unsecured notes due November 2031

2034 notes coupon 3.750 per cent. Fixed rate senior unsecured notes due November 2034

2037 notes coupon 4.000 per cent. Fixed rate senior unsecured notes due November 2037

Market Reality Check

Price: $16.31 Vol: Volume 11,114,322 is 50% ...

normal vol

$16.31 Last Close

Volume Volume 11,114,322 is 50% above the 20-day average of 7,398,456. normal

Technical Trading above 200-day MA of 14.81 with price at 15.6, near the €16 52-week high.

Historical Context

3 past events · Latest: Dec 10 (Positive)

Pattern 3 events

Date	Event	Sentiment	Move	Catalyst
Dec 10	Insider share purchases	Positive	+3.3%	Directors and executives disclosed share acquisitions around listings.
Dec 10	Index inclusion	Positive	+3.3%	Confirmation of AEX index inclusion following quarterly review.
Dec 09	PDMR holdings update	Positive	-2.8%	Large CFO and CEO share purchases alongside broader PDMR disclosures.

Pattern Detected

Recent news has been largely positive (index inclusion, insider buying), with two instances of positive news aligning with gains and one divergence where insider buying coincided with a price drop.

Recent Company History

Over recent days, The Magnum Ice Cream Company reported multiple governance and listing-related milestones. On Dec 10, AEX index inclusion and separate Director/PDMR share purchases both saw a +3.31% move, suggesting investor support for index entry and insider alignment. On Dec 9, earlier PDMR shareholding disclosures around multi-exchange admissions coincided with a -2.75% move, indicating at least one divergence where insider buying did not translate into immediate strength. Today’s bond issuance fits into this broader demerger and standalone capital markets transition.

Market Pulse Summary

This announcement details a €3 billion debut bond issuance under an €8 billion Euro Medium Term Note...

Analysis

This announcement details a €3 billion debut bond issuance under an €8 billion Euro Medium Term Note programme, with four fixed rate senior unsecured tranches maturing from 2029 to 2037, and an order book oversubscribed by over seven times. It supports the demerger from Unilever and the company’s funding as a standalone ice cream group. In context of recent index inclusion and insider buying, investors may watch leverage, execution of the demerger, and future funding costs as key metrics.

Key Terms

euro medium term note programme, senior unsecured notes, order book, international securities market, +2 more

6 terms

euro medium term note programme financial

"The debut issuance was completed under the newly established €8 billion Euro Medium Term Note programme..."

A euro medium term note programme is an ongoing arrangement that lets a borrower repeatedly issue bonds denominated in euros under a single set of documents, without arranging a new loan each time. Think of it like an approved credit line for selling multiple IOUs with different lengths and interest rates; it matters to investors because it signals how easily the issuer can raise debt, the range of terms available to buy, and the potential impact on credit risk and market liquidity.

senior unsecured notes financial

"fixed rate senior unsecured notes due February 2029..."

Senior unsecured notes are a type of loan a company borrows from investors, promising to pay back with interest. They are called "unsecured" because they aren’t backed by specific assets like buildings or equipment, but "senior" because they are paid back before other debts if the company gets into trouble. Investors see them as a relatively safer way for companies to raise money.

order book financial

"the order book being oversubscribed by over seven times."

A stock market order book is a live list of all pending buy and sell requests for a particular security, showing quantities and the prices traders are willing to trade at. Think of it as a market’s bulletin board: it reveals how much demand and supply exists at different prices, so investors can gauge liquidity, how easily a trade will fill, and how close the market is to moving the price.

international securities market regulatory

"admitted to trading on the London Stock Exchange’s International Securities Market..."

A marketplace where stocks, bonds and other investment products are bought and sold across national borders, often involving foreign exchanges, cross‑listed companies, or platforms that serve international investors. It matters to investors because it widens choice and risk — like shopping in a larger mall, you can find more opportunities and diversify, but you also face different rules, currencies and political risks that can affect returns.

pricing supplements regulatory

"Pricing Supplements in connection with the Notes dated 24th November 2025..."

Pricing supplements are short documents that attach to a longer offering prospectus and give the final deal details for a new security—such as the exact price, interest or yield, total amount being sold, maturity and any special terms. They matter to investors because they turn a general sales brochure into the concrete facts you use to judge value and risk, like seeing a final price tag and spec sheet before deciding to buy.

base admission particulars regulatory

"the Base Admission Particulars dated 13th November 2025 in connection with the EMTN Programme..."

Base admission particulars are the core written details a company provides when seeking to have its shares or other securities accepted for trading on an exchange. They lay out the essential facts — like what the securities are, the basic rights they carry, how they will be issued and any straightforward risk points — much like the label on a product box that tells you what you’re buying and how it works. Investors use them to quickly judge what they own and how that holding might behave compared with other choices.

AI-generated analysis. Not financial advice.

The Magnum Ice Cream Company (TMICC), the world’s largest ice cream company, today announced the successful completion of a €3 billion debut bond issuance by Magnum ICC Finance B.V., across four tranches.

Commenting on the successful issuance, Abhijit Bhattacharya, CFO, The Magnum Ice Cream Company noted “Issuing our inaugural public bond is an important milestone for The Magnum Ice Cream Company as we embark on our journey as a standalone ice cream company. The level of interest shown by the market was fantastic, with the order book being oversubscribed by over seven times. This clearly indicates that our strategy and story as the world’s leading ice cream company resonates with investors.”

The debut issuance was completed under the newly established €8 billion Euro Medium Term Note programme of Magnum ICC Finance B.V. guaranteed by The Magnum Ice Cream Company B.V. and The Magnum Ice Cream Company HoldCo Netherlands B.V. (the “EMTN Programme”). The issuance comprises (i) €750 million 2.750 per cent. fixed rate senior unsecured notes due February 2029; (ii) €750 million 3.250 per cent. fixed rate senior unsecured notes due November 2031; (iii) €750 million 3.750 per cent. fixed rate senior unsecured notes due November 2034; and (iv) €750 million 4.000 per cent. fixed rate senior unsecured notes due November 2037 (together, the “Notes”).

The net proceeds of the issue of the Notes will be used for the general corporate purposes of the TMICC Group including to facilitate the demerger of the TMICC Group from the Unilever Group.

The Notes have been rated “BBB” by S&P and “Baa2” by Moody’s and application has been made to the London Stock Exchange for the Notes to be admitted to trading on the London Stock Exchange’s International Securities Market with effect on or around 26^th November 2025.

Pricing Supplements in connection with the Notes dated 24^th November 2025 and the Base Admission Particulars dated 13^th November 2025 in connection with the EMTN Programme are available on the IR section of the company website.

-ENDS-

DISCLAIMER: This announcement does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Enquiries
Media Relations media.relations-tmicc@magnumicecream.com	Investor Relations investor.relations-tmicc@magnumicecream.com

About The Magnum Ice Cream Company
The Magnum Ice Cream Company is the world’s largest ice cream company. With an unrivalled portfolio of brands including global power brands Magnum, Ben & Jerry’s, Wall’s and Cornetto, and with a global fleet of nearly 3 million freezers, our products are available in 80 countries. The company generated €7.9 billion in revenue in 2024. TMICC’s legal entity identifier is 25490052LLF3XH6G9847. For more information, visit The Magnum Ice Cream Company website.

FAQ

What bonds did Magnum Ice Cream Company (MICC) issue on 24 November 2025?

MICC issued four €750m fixed-rate senior unsecured notes maturing Feb 2029, Nov 2031, Nov 2034, and Nov 2037, totaling €3.0bn.

How large was the order book for MICC's debut €3.0bn bond issuance?

The order book was oversubscribed by over seven times.

What ratings did the MICC Notes receive from S&P and Moody’s?

The Notes were rated BBB by S&P and Baa2 by Moody’s.

What will MICC use the net proceeds from the €3.0bn bond for?

Proceeds will be used for general corporate purposes, including to facilitate the demerger of the TMICC Group from Unilever.

Will the MICC Notes trade on an exchange and when?

An application was made to admit the Notes to trading on the London Stock Exchange International Securities Market with effect on or around 26 November 2025.

What is the size of the EMTN programme established for this issuance?

The issuance was completed under a newly established €8 billion Euro Medium Term Note programme.