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

Insights

Capital Markets Strategist

Successful €3 billion inaugural bond issuance signals strong market demand and funds to support TMICC's demerger and corporate needs.

The Magnum Ice Cream Company completed a €3 billion debut bond offering across four equal tranches under a new €8 billion EMTN Programme, with the book "oversubscribed by over seven times" and notes rated "BBB" by S&P and "Baa2" by Moody's. The deal provides immediate liquidity and a multi‑year maturity profile via notes due February 2029, November 2031, November 2034 and November 2037, and the net proceeds will be used for general corporate purposes including to facilitate the group's demerger from the Unilever Group.

The key dependencies are explicit: successful admission to trading on the London Stock Exchange's International Securities Market (targeted on or around 26th November 2025) and the effective allocation of proceeds toward the stated demerger and corporate uses. Watch the EMTN Programme documentation and Pricing Supplements dated 24th November 2025 and the Base Admission Particulars dated 13th November 2025 for covenant details, guarantee scope and any use‑of‑proceeds restrictions; these items will affect credit flexibility and refinancing risk over the medium term.

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.