CRH launches euro commercial paper programme

International building materials group CRH has established a euro commercial paper programme, it announced on Monday, under which its wholly-owned finance subsidiaries CRH Finance DAC and CRH Finance UK could issue, from time to time, unsecured short-term euro commercial paper notes through appointed dealers.

The FTSE 100 company said it could issue up to a maximum aggregate amount outstanding at any time of €1.5bn.

“The notes will be guaranteed by CRH and will be sold to investors outside the US,” the firm’s board said in its statement.

“The CRH ECP Programme adds flexibility to CRH's short-term funding options, and complements CRH's US commercial paper program launched in 2016.”

CRH said its ECP Programme had been assigned short-term ratings of A-2+ by Standard & Poor's, Prime-2 ("P-2") by Moody's and F2 by Fitch.