New York, Nov. 6 – Eurofins Scientific SE priced an upsized €400 million of perpetual hybrid bonds with a 3¼% coupon at par on Monday, according to a market source.
The deal was increased from the launch size of a minimum of €300 million and came tighter than initial price thoughts of the 3 7/8% area.
The coupon steps up to Euribor plus 266.7 basis points plus a step up margin on the first call date of Nov. 13, 2025. The step up margin is 250 bps if the company is unrated or at specified levels if it has an investment grade rating.
BNP Paribas handled billing and delivery and was joint global coordinator and bookrunner with Merrill Lynch International, HSBC Bank plc and UniCredit Bank AG. Bayerische Landesbank and Danske Bank A/S were also bookrunners.
Eurofins said in a news release that the offering was more than eight times oversubscribed.
Proceeds will be used for general corporate purposes including funding growth opportunities.
Eurofins is a Luxembourg-based provider of food, environment and biopharmaceutical products testing services.
| Issuer: | Eurofins Scientific SE
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| Issue: | Subordinated hybrid bonds
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| Amount: | €400 million
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| Maturity: | Perpetual
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| Coupon: | 3¼%, step up to Euribor plus 266.7 basis points plus a step up margin on Nov. 13, 2025; step up margin is 250 bps if company is unrated or specified levels if it has an investment grade rating
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| Price: | Par
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| Yield to call: | 3¼%
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| Call: | Nov. 13, 2025 and quarterly interest payment dates
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| Bookrunners: | BNP Paribas (bill and deliver), Merrill Lynch International, HSBC Bank plc, UniCredit Bank AG (global coordinators), Bayerische Landesbank, Danske Bank A/S
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| Pricing date: | Nov. 6
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| Settlement date: | Nov. 13
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| Distribution: | Regulation S
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| Marketing: | Quick to market
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