Just Eat Takeaway.com has successfully placed a two-tranche convertible bonds offer of €1.1bn.

Launched yesterday (1 February), the two tranches, convertible into ordinary shares, will consist of an aggregate principle amount of €600m, upsized from €500m, due August 2025, and an additional aggregate principle amount of €500m, due February 2028.

The bonds will be issued at 101.5% and at 100% of their nominal value respectively and redeemed at 100% of their nominal value.

The 2025 bonds will not bear interest and have a maturity of four and a half years, whilst the 2028 bonds will be issued with an interest rate of 0.625% per annum, payable semi-annually, with a maturity of seven years. Both will have a denomination of €100m.

The initial conversion price will be set at €135.58 and €144.93, representing a conversion premium of 45% and 55% above the clearing price of an ordinary share in the concurrent delta placement.

The company said it intends to use proceeds for “general corporate purposes” and to provide it with “financial flexibility to act on strategic opportunities which may arise.”

Settlement of the convertible bond issue is expected to take place on 9 February 2021.

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