Delivery Hero Completes Redenomination of EUR Term Loan Into South Korean Won

Delivery Hero SE has announced the successful redenomination of its EUR 540 million term loan into South Korean won, effective from May 13, 2024. This adjustment aims to better align the company's debt structure with its earnings, with the redenominated facility now totaling KRW 794.0 billion.

This strategic move not only modifies the currency but also terms of payment, wherein the interest rates will be quarterly, based on a Certificate of Deposit (CD) rate plus an additional 5.00% annually. Importantly, payments will be transacted in US dollars concerning the prevailing exchange rates versus the South Korean won. Furthermore, the maturity date remains set for December 2029.

Emmanuel Thomassin, CFO of the company, highlighted the innovative approach of this financing transaction that permits closer ties between their debt portfolio and operational cash flows. Thomassin also expressed gratitude towards their lending partners, especially Apollo Global Management and Farallon Capital Europe LLP, for their cooperation in this significant transaction. Financial institutions such as Standard Chartered Bank and J.P. Morgan were the lead arrangers, underscoring their pivotal role in facilitating this financial restructuring.