Eurofins accepts tenders for €241.6 million of hybrid notes

By Sarah Lizee

Olympia, Wash., Sept. 11 – Eurofins Scientific SE announced the results of its tender offer for its €300 million of hybrid notes with a first call date on Jan. 31.

As of the expiration deadline of 11 a.m. ET on Sept. 10, the company received tenders of €241.6 million of the notes. The company said it has decided to accept all notes tendered in the offer.

Settlement is slated for Sept. 13.

Because more than 75% of the notes will be purchased and cancelled, the company will have the option to redeem all of the remaining notes at par plus accrued interest to the redemption date. The company said it intends to exercise this option.

The tender offer was subject to the success of the issuance of up to €300 million of new undated deeply subordinated fixed- to variable-rate notes. As previously reported, the company priced €300 million of 2 7/8% perpetual hybrid notes in a Regulation S offering last week.

The purpose of the tender offer and issuance of new notes is to proactively manage the refinancing of the company’s outstanding hybrid notes, while taking advantage of favorable market conditions, according to the release.

Eurofins is a Luxembourg-based provider of food, environment and biopharmaceutical products testing services.

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