Eurofins announces its intention to issue new euro bonds of benchmark size to refinance part of its existing bonds

Eurofins Scientific (EUFI.PA, rated Baa3 by Moody’s and BBB- by Fitch, “Eurofins”), a global leader in bioanalytical testing, announces today.

• Its intention to issue new Euro-denominated bonds for a benchmark size (between EUR 500M and EUR 750M) (the “New Bonds”)
  and
• The launch of tender offers (the “Tender Offers”) to repurchase its EUR 353.6M 3.375% Bonds (ISIN: XS1268496640) due 30 January 2023 (the “2023 Bonds“), EUR 650M 2.125% Bonds (ISIN: XS1651444140) due 25 July 2024 (the “2024 Bonds“) and its EUR 600M 3.75% (ISIN: XS216759567) due 17 July 2026 Bonds (the “2026 Bonds“, and together with the 2023 Bonds and the 2024 Bonds, the “Existing Bonds“)

The Tender Offers include no priority order amongst the Existing Bonds and are subject to the success of the issuance of the New Bonds:

• Any 2023 Bonds validly tendered will be accepted for repurchase. After the completion of the Tender Offers and the successful issuance of the New Bonds, it is Eurofins’ intention to redeem in full the remaining 2023 Bonds, either via the exercise of the clean-up clause (clause 6 (c) of the 2023 Bonds) or via the make-whole clause (clause 6 (b) (ii) of the 2023 Bonds) depending on the success of the tender offer on the 2023 Bonds; and
• 2024 Bonds and 2026 Bonds acceptance amount will be capped at an amount announced after the successful issuance of the New Bonds.

Results of the Tender Offers are expected to be announced on 19 May 2021 (subject to changes as a result of any extension, withdrawal, termination or amendment of the Tender Offers).

The purpose of the Tender Offers, the full redemption of the 2023 Bonds and the planned issuance of the New Bonds is to proactively manage the refinancing of Eurofins’ outstanding bonds, increase the average life of its financing instruments and reduce its average cost of debt. After those transactions, Eurofins will have no major senior debt instalment prior 2024.