Delivery Hero SE / DE000A2E4K43
04.03.2024 - 07:32:15Delivery Hero launches financing transaction to optimize its capital structure
| Delivery Hero SE / Key word(s): Financing 04.03.2024 / 07:32 CET/CEST The issuer is solely responsible for the content of this announcement. Financing transaction launched to optimize and extend Delivery Hero’s existing EUR 1.1 billion equivalent term facilities and to raise one or more add-on term facilities in an aggregate amount of approximately EUR 500 million equivalent, with proceeds primarily used to repurchase selected outstanding convertible bonds as well as for general corporate purposes The transaction is launched to extend existing term facilities maturity from August 2027 to December 2029 and to lower the term loan cost of debt Leveraging strong lender interest in Delivery Hero as well as supportive conditions in the debt capital markets to optimize the company’s capital structure Berlin, 4 March 2024 - Delivery Hero SE ("Delivery Hero" or the "Company"), the world's leading local delivery platform, today announces the launch of a financing transaction intended to amend and extend its existing USD 813 million term facility (the "Dollar Term Facility") and EUR 300 million term facility (the "Euro Term Facility") and to raise an additional Add-on term facilities in an aggregate amount of approximately EUR 500 million equivalent (“Add-on Term Facilities”, together with the Dollar Term Facility and the Euro Term Facility, the "Term Facilities"). The transaction is launched to amend the terms of Delivery Hero’s existing term facilities in the Company’s favour, to extend the maturity from August 2027 to December 2029 and to lower the cost of debt. Niklas Östberg, CEO and Co-Founder of Delivery Hero, said: "Our ability to execute this transaction is a strong testimony to our operational and financial achievements, which saw Delivery Hero generating over EUR 250 million of adj. EBITDA in 2023 and our commitment to reach positive Free Cash Flow in 2024. We are well equipped to address all upcoming maturities with our organic cash flows, while taking advantage of compelling financing opportunities.” Delivery Hero intends to use at least EUR 300 million of the Add-on Term Facilities 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. Emmanuel Thomassin, CFO of Delivery Hero, said: “We are leveraging the strong lender interest in Delivery Hero and the supportive market conditions to favourably amend, extend and upsize the existing term facilities by an additional approximately EUR 500 million equivalent. We intend to repurchase selected outstanding convertible bonds. Depending on tendering dynamics, we expect to repurchase at least EUR 300 million, while we may from time to time continue buying back more outstanding convertibles where beneficial to further optimize our capital structure.” 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. FY 2024 guidance confirmed Delivery Hero confirms the guidance provided with its Q4 2023 Trading Update on February 14, 2024. The Group expects GMV growth of 7-9% YoY and Total Segment Revenue growth of 15-17% YoY in constant currency and excluding hyperinflationary accounting. Furthermore, the Group expects an adj. EBITDA of EUR 725-775 million and a positive Free Cash Flow in FY 2024.1 Regarding the definition of the alternative performance measures, GMV, Total Segment Revenue and adj. EBITDA, Delivery Hero refers to the corresponding definition in its 2022 Annual Report on page 79 under the chapter A “Group Profile” within the Combined Management Report, which has been published on the Company’s Investor Relations website. Further information Following the launch of the transaction, Delivery Hero will publish an Investor Presentation today at approximately 07:30am CET on its Investor Relations website, providing further insights into the financing transaction and its rationale. Additionally, the Company will be hosting a conference call today at 12:00pm CET. A livestream webcast and replay will be available here. 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 press@deliveryhero.com Investor Relations contact Christoph Bast Head of Investor Relations ir@deliveryhero.com 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. 04.03.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com |
| Language: | English |
| Company: | Delivery Hero SE |
| Oranienburger Straße 70 | |
| 10117 Berlin | |
| Germany | |
| Phone: | +49 (0)30 5444 59 105 |
| Fax: | +49 (0)30 5444 59 024 |
| E-mail: | ir@deliveryhero.com |
| 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: | 1850025 |
| End of News | EQS News Service |
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