Eurofins successfully places EUR 500m new Euro bond
Eurofins Scientific announced that it has successfully raised EUR 500m in its second senior unsecured Euro bond public issuance. The bonds have a seven-year maturity (due 27 January 2022) and will bear an annual coupon of 2.25% (ACT/ACT). The issue was more than three times over-subscribed.
Eurofins intends to use the proceeds of the offering for general corporate purposes as part of its mid-term development plan with the objective to achieve revenues of EUR 2bn by 2017, as well as to secure its longer-term leading position in the markets where it is active. In addition, part of the proceeds is planned for balance sheet optimization to lengthen the average maturity of its debt whilst reducing its average cost of capital.
Comment from Dr. Gilles Martin, Eurofins CEO: “I am pleased with the strong success of our second public bond issuance, and the confidence that investors continue to put into Eurofins. Whilst we have decided to take advantage of the current favourable interest rates in the market, and secure and diversify long-term funding, we intend to maintain a strong balance sheet structure and our disciplined approach to acquisitions.”
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