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LUXEMBOURG, March 27, 2025--(BUSINESS WIRE)--Regulatory News:
Eurofins (Paris:ERF):
Eurofins Scientific (EUFI.PA, rated Baa3 by Moody’s and BBB- by Fitch), a global leader in bioanalytical testing, announces that it has successfully raised €400m in its latest Euro hybrid bond public issuance. The transaction was well received and more than 3x times over-subscribed.
This new series of bonds has no specified maturity date 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 5.75% for the first 7 years (until 4 April 2032) with a first call date on 4 January 2032, upon which date Eurofins can elect to repay the bonds.
This issuance enables Eurofins to maintain its targeted capital structure that includes an adequate level of hybrid capital of €1bn to support its targeted range of financial leverage of 1.5-2.5x. The bonds’ proceeds can be used for the repayment of the hybrid bonds (ISIN: XS1716945586) callable on 13 November 2025, and currently under a tender offer until 02 April 2025 inclusive, as well as for general corporate purposes. Outside of the planned repayment of Schuldschein loans, totalling €234m maturing in July and October 2025, Eurofins has no major refinancing requirements until the outstanding €302m senior Eurobonds become due for repayment on 17 July 2026.
Comment from Dr Gilles Martin, Eurofins CEO: "The successful issuance of our new €400m hybrid bond reinforces Eurofins’ strong balance sheet and confirms investor confidence in Eurofins’ profitability and cash flow growth trends."
The bonds will be listed from their issue date (4 April 2025) on the regulated market of the Luxembourg stock exchange (ISIN XS3038659267). 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. The Eurofins Scientific SE network of independent companies believes that it is a global leader in food, environment, pharmaceutical and cosmetic product testing and in discovery pharmacology, forensics, advanced material sciences and agroscience contract research services. It is also one of the market leaders in certain testing and laboratory services for genomics, and in the support of clinical studies, as well as in biopharma contract development and manufacturing. It also has a rapidly developing presence in highly specialised and molecular clinical diagnostic testing and in-vitro diagnostic products.