Eurofins Successfully Prices New €600m Hybrid Bonds
18 January 2023 - 4:10AM
Business Wire
Regulatory News:
Eurofins Scientific (EUFI.PA, rated Baa3 by Moody’s and BBB- by
Fitch, “Eurofins”) (Paris:ERF), a global leader in
bioanalytical testing, announces that it has successfully raised
€600m in its latest Euro hybrid bond public issuance. The
transaction was well received and more than 2.7x times
over-subscribed.
This new series of bonds has no specified maturity and is
accounted for as 100% equity according to international financial
reporting standards (IFRS) and 50% equity with the rating agencies
Moody’s and Fitch. It will bear a fixed annual coupon of 6.75% for
the first 5.5 years (until 24 July 2028), upon which date Eurofins
can elect to repay them.
This issuance enables the group to return to its targeted
capital structure that includes an adequate level of hybrid capital
of €1bn1 to support its targeted range for financial leverage of
1.5-2.5x. The bonds’ proceeds are available for general corporate
purposes. Outside of the planned repayment of the outstanding €183m
in hybrid bonds callable on 29 April 2023, Eurofins has no major
refinancing requirements until the outstanding €448m senior
Eurobonds become due on 25 July 2024.
Comment from Dr. Gilles Martin, Eurofins CEO: “The
successful issuance of our new €600m hybrid capital instrument
reinforces Eurofins’ solid credit profile as well as confirms
investor confidence in Eurofins’ positive business outlook.”
The bonds will be listed from their issue date (24 January 2023)
on the regulated market of the Luxembourg stock exchange (ISIN
XS2579480307). The bonds are not registered under the US Securities
Act of 1933 as amended (the “Securities Act”), and may not be
offered or sold in (i) the United States (as such term is defined
in Regulation S under the Securities Act) unless registered under
the Securities Act or pursuant to an exemption from such
registration nor (ii) in any other jurisdiction where it is
unlawful to do so.
Notes to Editors:
About Eurofins – the global leader in bio-analysis
Eurofins is Testing for Life. Eurofins is the global leader in
food, environment, pharmaceutical and cosmetic product testing, and
in discovery pharmacology, forensics, advanced material sciences
and agroscience Contract Research services. Eurofins is also a
market leader in certain testing and laboratory services for
genomics, and in the support of clinical studies, as well as in
BioPharma Contract Development and Manufacturing. The Group also
has a rapidly developing presence in highly specialised and
molecular clinical diagnostic testing and in-vitro diagnostic
products.
With over 61,000 staff across a decentralised and
entrepreneurial network of 940 laboratories in 59 countries,
Eurofins offers a portfolio of over 200,000 analytical methods to
evaluate the safety, identity, composition, authenticity, origin,
traceability and purity of a wide range of products, as well as
providing innovative clinical diagnostic testing services and
in-vitro diagnostic products.
The Group’s objective is to provide its customers with
high-quality services, innovative solutions and accurate results on
time. Eurofins is ideally positioned to support its clients’
increasingly stringent quality and safety standards and the
increasing demands of regulatory authorities as well as the
requirements of healthcare practitioners around the world.
In 2020 and 2021, Eurofins reacted quickly to meet the global
challenge of COVID-19, by creating the capacity to help over 20
million patients monthly who may have been impacted by the pandemic
with our testing products and our services and directly supporting
healthcare professionals working on the front line to fight the
virus. The Group has established widespread PCR testing
capabilities and has carried out over 40 million tests in its own
laboratories, is supporting the development of a number of vaccines
and has established its SAFER@WORK™ testing, monitoring and
consulting programmes to help ensure safer environments, travel and
events during COVID-19.
Eurofins has grown very strongly since its inception and its
strategy is to continue expanding its technology portfolio and its
geographic reach. Through R&D and acquisitions, the Group draws
on the latest developments in the field of biotechnology and
analytical chemistry to offer its clients unique analytical
solutions.
Shares in Eurofins Scientific are listed on the Euronext Paris
Stock Exchange (ISIN FR0014000MR3, Reuters EUFI.PA, Bloomberg ERF
FP).
Until it has been lawfully made public widely by Eurofins
through approved distribution channels, this document contains
inside information for the purpose of Regulation (EU) 596/2014 of
the European Parliament and of the Council of 16 April 2014 on
market abuse, as amended.
Important disclaimer:
This press release contains forward-looking statements and
estimates that involve risks and uncertainties. The forward-looking
statements and estimates contained herein represent the judgment of
Eurofins Scientific’s management as of the date of this release.
These forward-looking statements are not guarantees for future
performance, and the forward-looking events discussed in this
release may not occur. Eurofins Scientific disclaims any intent or
obligation to update any of these forward-looking statements and
estimates. All statements and estimates are made based on the
information available to the Company’s management as of the date of
publication, but no guarantees can be made as to their completeness
or validity.
1assuming completion of the planned repayment of the outstanding
€183m hybrid bonds issued in 2015 that are callable on 29 April
2023
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version on businesswire.com: https://www.businesswire.com/news/home/20230117005956/en/
For more information, please visit www.eurofins.com or
contact:
Investor Relations Eurofins Scientific SE Phone: +32 2 766 1620
E-mail: ir@eurofins.com
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