Aryzta has sold its second hybrid bond for CHF300m (£210.6m), which the company has said will be used to refinance its debts.

In a statement issued yesterday (19 March), the Swiss-based bakery products business said the move was completed by UBS, Credit Suisse and Zürcher Kantonalbank, which Aryzta said had acted as joint bookrunners for the transaction.

The firm said: “The Hybrid Instrument offers investors a coupon of 4% and is undated, with an initial call date by Aryzta after five years.”

Earlier this month, the company revealed a 8.2% rise in group revenue to €2.07bn (£1.8bn), for the six months to the end of January, as well as a 5.5% increase in net profit to €129.4m (£110.4m).

Owen Killian, chief executive, said: “Aryzta’s underlying net profit performance was robust despite challenging trading conditions.”