Redcare Pharmacy N.V. Issues EUR 300 Million Bonds and Retires Part of Existing Debt

Redcare Pharmacy N.V., a prominent European online pharmacy, has announced the successful placement of EUR 300 million in convertible bonds. This offering, with a 1.75% coupon payable semi-annually and a seven-year maturity, aims to buy back some portion of its outstanding EUR 225 million 0.00% convertible bonds due in 2028. The redemption price is set at 110% of the principal amount.

The bonds are convertible into shares, representing approximately 8.4% of Redcare's current equity, and they were issued to institutional investors through an accelerated bookbuilding process. Shareholders' subscription rights were excluded.

The proceeds from these bonds will primarily fund the repurchase of existing bonds and support general corporate initiatives. Settlement of both issues and buybacks is expected to conclude in mid-April 2025, with trading on the Frankfurt Stock Exchange to follow shortly.