Delivery Hero conducts one-day tender offer for two convertible bonds

Chicago, Feb. 22 – Delivery Hero SE conducted a one-day tender offer for two convertible bonds related to the pricing of a new convertible bond offering, according to multiple press releases.

Bondholders were invited to tender any and all of the €763.4 million outstanding 0.25% convertibles due 2024 (ISIN: DE000A254Y84). The company offered 96.375 plus interest to the settlement date.

Holders of the company’s 0.875% convertible bonds due 2025 (ISIN: DE000A3H2WP2) were invited to tender up to €250 million of the €750 million outstanding bonds. The repurchase price offered was between 86.25 and 87.25 and interest to the settlement date.

In terms of acceptance amounts, the company decided to repurchase €476.4 million of the bonds due 2024. With partial repurchases in 2022, the company has bought 62.4% of the outstanding bonds. After settlement, there will be €287 million outstanding.

The full capped amount of €250 million was repurchased on the bonds due 2025. After settlement, €500 million of the issue will remain outstanding.

The purchase price for the 2025 bonds firmed at 86.25.

Interest for the convertible bonds due 2024 of €21.41 and bonds due 2025 of €94.27 is being added to the purchase prices.

The offer started on Feb. 13 and ended at 1:30 p.m. ET on Feb. 14.

Settlement is planned for Feb. 23.

HSBC, JPMorgan and Morgan Stanley are acting as dealer managers for the repurchase of the outstanding convertible debentures.

Delivery Hero is a Berlin-based online food delivery service.

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