Eurofins successfully prices EUR 300m new hybrid notes
Eurofins Scientific (Paris:ERF) (ERF FP, unrated), a global leader in bioanalytical testing, announces that it has successfully raised EUR 300m in its latest Euro hybrid bond public issuance for general corporate purposes including the refinancing of the EUR 300m hybrid notes with first call date on 31 January 2020 and that are currently under a tender offer (the NC2020 notes). The transaction was well received and more than 3.5x 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). It will bear a fixed annual coupon of 2.875% for the first 3 years, date upon which Eurofins can elect to repay them. It will bring the average weighted cost of Eurofins hybrid capital below 3.70% (after full repayment of the NC2020 notes).
Comment from Dr. Gilles Martin, Eurofins CEO: “The successful issuance of our new EUR 300m hybrid capital instrument confirms the confidence of investors in Eurofins strong credit profile and the positive outlook of its business lines in its growing and non-cyclical markets focus on testing for life. It allows Eurofins to smoothly address the refinancing of the existing expensive hybrid notes.”
Citi, Crédit Agricole CIB, MUFG and Natixis acted as Global Coordinators for the transaction. Settlement date is on the 11th of September, 2019, and the first call date for the instrument is on the 11th of August, 2022.
The bonds will be listed from their issue date (11th September 2019) on the regulated market of the Luxembourg stock exchange (ISIN XS2051471105). 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.
For more information, please visit www.eurofins.com
Notes for the editor:
Eurofins – a global leader in bio-analysis
Eurofins Scientific through its subsidiaries (hereinafter sometimes “Eurofins” or “the Group”) believes it is a scientific leader in food, environment, pharmaceutical and cosmetics products testing and in agroscience CRO services. It is also one of the global independent market leaders in certain testing and laboratory services for genomics, discovery pharmacology, forensics, CDMO, advanced material sciences and for supporting clinical studies. In addition, Eurofins is one of the leading global emerging players in specialty clinical diagnostic testing. With about 45,000 staff in more than 800 laboratories across 47 countries, Eurofins offers a portfolio of over 200,000 analytical methods for evaluating the safety, identity, composition, authenticity, origin and purity of biological substances and products, as well as for innovative clinical diagnostic. The Group objective is to provide its customers with high-quality services, accurate results on time and expert advice by its highly qualified staff.