Delivery Hero SE / DE000A2E4K43

Delivery Hero successfully completes syndication of USD financing transaction to optimize its capital structure

Delivery Hero SE / Key word(s): Financing


08.03.2024 / 19:21 CET/CEST
The issuer is solely responsible for the content of this announcement.

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  Delivery Hero optimizes its capital structure by successfully amending and extending its existing EUR 1.1 billion equivalent term facilities on the back of strong lender interest The Company raises an incremental aggregate amount of EUR 500 million equivalent of term facilities and intends to use at least EUR 300 million to repurchase selected outstanding convertible bonds due in 2025 and 2026; any remaining amount will be used for general corporate purposes, which may include additional buybacks of outstanding convertible bonds Additionally, the Company intends to place approximately EUR 550 million equivalent of term facilities in Korean Won, which will replace and upsize its existing EUR 300 million term facility and intends to use approximately EUR 250 million to repurchase outstanding debt Delivery Hero extends the maturity of its existing term facilities from August 2027 to December 2029, reduces the interest rate, and aligns the currency mix of its debt more closely to its cash flows
Berlin, 8 March 2024 – Delivery Hero SE (“Delivery Hero” or the “Company”), the world’s leading local delivery platform, today announces the successful allocation of the term loan financing transaction launched earlier this week, amending and extending its existing USD 813 million term facility and raising an additional, fungible add-on facility in an aggregate amount of EUR 500 million equivalent (“US Dollar Term Facility”). In addition, the Company intends to put in place approximately EUR 550 million equivalent of term facilities in Korean Won due in December 2029, which would replace and upsize its existing EUR 300 million term facility ("Korean Won Term Facility”). On the back of strong lender interest, the transaction results in a successful amendment of the terms of Delivery Hero’s existing term facilities in the Company’s favour, extension of the maturity from August 2027 to December 2029 and reduction of the interest rate on the US Dollar Term Facility from a rate of Term SOFR plus 5.75% p.a. to a rate of Term SOFR plus 5.00% p.a. Delivery Hero intends to use at least EUR 300 million of the US Dollar Term Facility to repurchase selected outstanding convertible bonds due in 2025 and 2026. Further announcements relating to such repurchases will be made in due course. Any remaining amount will be used for general corporate purposes, which may include additional buybacks of outstanding convertible bonds. In addition, the Company intends to use the proceeds of approximately EUR 250 million from the Korean Won Term Facility to repurchase outstanding debt. After having successfully placed multiple convertible bonds since 2020 and the existing term facilities in 2022, as well as establishing a revolving credit facility in 2022, this transaction is another testament of Delivery Hero’s ability to access diversified funding sources. Emmanuel Thomassin, CFO of Delivery Hero, said: "We are very pleased with the strong reception of our financing transaction in the debt capital markets. Seeing our term facilities significantly amended in our favor is a testament of the success Delivery Hero has had in the past two years, successfully pivoting to profitability and establishing the basis of a business which will generate significant free cash flow in the near future. The addition of term facilities in Korean Won further aligns our debt mix to our cash flows and introduces Delivery Hero to a new set of lenders.” In connection with the transaction, J.P. Morgan acted as Global Coordinator, Lead Arranger and Sole Physical Bookrunner. UniCredit, HSBC, Barclays, Goldman Sachs, Morgan Stanley, ING and Standard Chartered acted as Joint Lead Arrangers on the US Dollar Term Facility. White & Case LLP acted as legal advisor to Delivery Hero and Milbank LLP acted as legal advisor to the arrangers.   About Delivery Hero Delivery Hero is the world's leading local delivery platform, operating its service in over 70 countries across Asia, Europe, Latin America, the Middle East and North Africa. The Company started as a food delivery service in 2011 and today runs its own delivery platform on four continents. Additionally, Delivery Hero is pioneering quick commerce, the next generation of e-commerce, aiming to bring groceries and household goods to customers in under one hour and often in 20 to 30 minutes. Headquartered in Berlin, Germany, Delivery Hero has been listed on the Frankfurt Stock Exchange since 2017 and is part of the MDAX stock market index. For more information, please visit www.deliveryhero.com   Media contact Corporate & Financial Communications [e-mail] Investor Relations contact Christoph Bast Head of Investor Relations [e-mail]   Disclaimer This release may contain forward looking statements, estimates, opinions and projections with respect to anticipated future performance of Delivery Hero SE ("forward-looking statements"). These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes," "estimates," "anticipates," "expects," "intends," "may," "will" or "should" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. Forward-looking statements are based on the current views, expectations and assumptions of the management of Delivery Hero SE and involve significant known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Any forward-looking statements included herein only speak as at the date of this release. We undertake no obligation, and do not expect to publicly update, or publicly revise, any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof, whether as a result of new information, future events or otherwise. We accept no liability whatsoever in respect of the achievement of such forward-looking statements and assumptions.  

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08.03.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
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Language:	English
Company:	Delivery Hero SE
	Oranienburger Straße 70
	10117 Berlin
	Germany
Phone:	[phone]
Fax:	[phone]
E-mail:	[e-mail]
Internet:	www.deliveryhero.com
ISIN:	DE000A2E4K43
WKN:	A2E4K4
Indices:	MDAX
Listed:	Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; London, OTC QB, OTC QX, SIX, Vienna Stock Exchange
EQS News ID:	1854983

End of News	EQS News Service

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1854983  08.03.2024 CET/CEST