By William Gullotti
Buffalo, N.Y., Jan. 17 – Eurofins Scientific sold €600 million of 6¾% perpetual hybrid bonds in a public offering on Tuesday, according to a news release.
The securities are callable on July 24, 2028.
Interest will remain fixed until the first call date.
The transaction was more than 2.7 times oversubscribed, with proceeds intended for general corporate purposes.
The bonds will be listed on the regulated market of the Luxembourg exchange effective Jan. 24.
Outside of the planned repayment of the outstanding €183 million in hybrid bonds, callable on April 29, 2023, Eurofins has no major refinancing requirements until July 25, 2024 when its outstanding €448 million senior eurobonds become due.
Eurofins Scientific is a Luxembourg-based group of laboratories that provides testing and support services to governments and industries, including in pharmaceuticals, food and agriscience.
| Issuer: | Eurofins Scientific
|
| Amount: | €600 million
|
| Issue: | Hybrid bonds
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| Maturity: | Perpetual
|
| Coupon: | 6¾%, resettable if not redeemed on July 24, 2028
|
| Call feature: | Non-callable until July 24, 2028
|
| Trade date: | Jan. 17
|
| Settlement date: | Jan. 24
|
| Listing date: | Jan. 24
|
| Distribution: | Regulation S
|
| ISIN: | XS2579480307
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