Magnum Ice Cream Company (TMICC) completed a €3 billion bond issuance on November 24 2025, issuing four senior unsecured tranches of €750 million each. The notes mature in February 2029, November 2031, November 2034 and November 2037, with coupon rates of 2.75%, 3.25%, 3.75% and 4.00% respectively.
The proceeds will be deployed for general corporate purposes, primarily to accelerate the separation of TMICC from Unilever and to reduce the parent company’s net debt. The demerger, scheduled for completion on December 6 2025, will see TMICC become a standalone entity while Unilever retains a minority stake of less than 20%.
TMICC’s new notes received an investment‑grade rating of “BBB” from S&P and “Baa2” from Moody’s. The company has applied to list the notes on the London Stock Exchange’s International Securities Market, with trading expected to begin around the announcement date.
The bond sale was oversubscribed more than seven times, a strong signal of investor confidence in the newly independent ice‑cream business. CFO Abhijit Bhattacharya said the market’s enthusiasm “confirms that our strategy and story as the world’s leading ice‑cream company resonate with investors.”
The successful financing positions TMICC to pursue its growth strategy, which includes expanding its portfolio of flagship brands such as Magnum, Ben & Jerry’s, Breyers and Wall’s. With a 21% global market share and a projected organic sales growth of 3–5% in the medium term, the company aims to improve its adjusted EBITDA margin by 40–60 basis points and to pay its first dividend in 2027.
Overall, the €3 billion bond issuance marks a pivotal milestone for TMICC, providing the capital and market credibility needed to operate independently and to drive long‑term shareholder value.
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