Redcare Pharmacy Secures EUR 300 Million via Convertible Bond Issue

Redcare Pharmacy N.V., guided by Hogan Lovells, successfully placed a EUR 300 million convertible bond, with individual denominations of EUR 100,000. The bonds, with a 1.75% annual coupon payable semi-annually, were set to be redeemed at an accreted amount of 110% of the principal by April 2032, unless converted, redeemed, or canceled beforehand. The conversion price was set at EUR 173.74, presenting a 42.5% premium above the reference price; yielding an effective conversion price of EUR 191.11 at maturity, an effective premium of 56.8%. Additionally, Redcare Pharmacy agreed to repurchase existing bonds amounting to EUR 157.9 million, 70.2% of the outstanding principal, for EUR 99,200 per bond, subsequently canceling these. The bonds are expected to trade on the Open Market of the Frankfurt Stock Exchange. Goldman Sachs and Deutsche Bank were pivotal in this process, acting as joint global coordinators, joint bookrunners, and dealer managers for the transaction. Hogan Lovells fielded a well-rounded team of experts from various cities, including Frankfurt, Berlin, Amsterdam, Dusseldorf, London, and New York.