Research Update: Pandora Affirmed At 'BBB' On Positive Management And Governance; Outlook Stable; Proposed Sr Unsecured Notes Rated 'BBB'

Pandora A/S plans to issue €500 million senior unsecured notes under its €1.5 billion Euro Medium Term Notes (EMTN) program, the proceeds of which it will use to repay its outstanding Danish krone (DKK) 2 billion term loan maturing in 2025 and for general corporate purposes. We expect Pandora to grow about 8% on average over the next two years, as the group pursues its expansion in underpenetrated markets, such as the Americas and Asia, and continue to benefit from its appealing low budget charms and carrier design concept in more mature markets, while increasing its investments to diversify in other jewelry categories. We think that Pandora's conservative financial policy and strong governance practices, and the consistent track record of

...- Pandora A/S plans to issue 500 million senior unsecured notes under its 1.5 billion Euro Medium Term Notes (EMTN) program, the proceeds of which it will use to repay its outstanding Danish krone (DKK) 2 billion term loan maturing in 2025 and for general corporate purposes. - We expect Pandora to grow about 8% on average over the next two years, as the group pursues its expansion in underpenetrated markets, such as the Americas and Asia, and continue to benefit from its appealing low budget charms and carrier design concept in more mature markets, while increasing its investments to diversify in other jewelry categories. - We think that Pandora's conservative financial policy and strong governance practices, and the consistent track record of its management team, allow the company to balance profitability and strategic investments with shareholder distributions, alongside advancing its social and environmental agenda, which we believe positively distinguishes the company in promoting the...

Research Update