Royal Philips (NYSE:PHG) announced that it completed the pricing of a €1 billion ($1.1 billion) offering worth two sets of €500 million in fixed-rate notes due five years apart.

The offering includes €500 million in fixed-rate notes due in 2025 and another set of €500 million fixed-rate notes due in 2030. The issue price for the first set of notes is 99.55% with a coupon of 1.375%, resulting in a yield of 1.469%. For the notes due in 2030, the issue price is 99.204% with a coupon of 2% and a yield of 2.089%.

Amsterdam-based Philips expects the settlement and issue of the notes to take place on March 30, while the company submitted an application for the notes to be listed on the official list of the Luxembourg Stock Exchange and to be traded on the regulated market of that exchange.

The company said in a news release that the net proceeds of the offering are earmarked for general company purposes and sustainable innovation expenditures. The funding is also set to enhance the company’s liquidity position with one eye on the impact of COVID-19 on the financial markets this year.