EQS-News: Semper idem Underberg AG / Key word(s): Bond/Bond issue
Underberg Group: Issue of a new bond decided – Solid start into FY 2024/25
08/30/2024 / 1:33 PM CET/CEST
The issuer is responsible for the content of this announcement.
Underberg Group: Issue of a new bond decided – Solid start into FY 2024/25
- Target volume for 2024/2030 bond is EUR 35 million
- Attractive interest rate range of 5.75% to 6.75%
- Exchange offer for holders of the 2019/2025 bond
- Stable sales and international growth in Q1 of the 2024/25 financial year
Rheinberg, 30. August 2024 The Underberg Group is consistently continuing its debt reduction and intends to secure financial flexibility for further growth in the coming years by issuing a new bond at an early stage. The Management Board of Semper idem Underberg AG decided today, Friday, with the approval of the Supervisory Board, to issue a new corporate bond with a volume of up to EUR 35 million and a term until 2030.
In February 2024, the company had already repaid its 2018/2024 bond early and without replacement from its own funds; now the group is initiating the refinancing of the 2019/2025 bond (ISIN: DE000A2YPAJ3). “As a reliable bond issuer for over a decade, we are continuing our consistent debt reduction, as already communicated in 2022, and are also establishing planning security for the company’s further development at an early stage,” says Michael Söhlke, CEO of Semper idem Underberg AG.
The issue proceeds are to be used for the early repayment of the 2019/2025 bond (currently outstanding remaining nominal value: EUR 33.75 million). If, on the basis of the specific subscription commitments and exchange offers, after deduction of transaction costs, there are net issue proceeds that are not sufficient for the immediate full repayment of the remaining total nominal amount in accordance with the terms and conditions of the 2019/2025 bond, these will be used for general business purposes.
The interest rate and total nominal amount are to be determined by 25 September 2024
The interest rate range of the 2024/2030 bond (ISIN: DE000A383FH4) was set at 5.75% to 6.75% pa. The final interest rate and the total nominal amount are to be fixed and published no later than September 25, 2024. The fixed-interest bond offers investors the opportunity to secure an attractive long-term interest rate in the current environment of falling key interest rates.
Similar to the successful bond issues of recent years, the upcoming transaction also includes a voluntary exchange offer including an additional purchase option to the holders of the existing 2019/2025 bond. The public offering will be made on the basis of a securities prospectus, which the Commission de Surveillance du Secteur Financier (CSSF), Luxembourg, is expected to approve on September 3, 2024. The securities prospectus will be published on the company’s website at immediately after its approval.
The voluntary exchange offer will run as planned from September 4, 2024 to September 20, 2024, 6:00 p.m. (CEST). Bondholders who accept the exchange offer will receive a new 2024/2030 bond for each 2019/2025 bond exchanged, plus a cash settlement amount of EUR 10 and the respective pro rata accrued interest. In addition, investors can subscribe to bonds via the XETRA subscription functionality as part of the public offering in the period from September 11, 2024 to September 25, 2024, 12:00 p.m. (CEST).
Subscription option via the company website
The offer is aimed at institutional investors and the number of private investors, which has been steadily growing in the past. Subject to the approval of the securities prospectus, private investors in Germany, Luxembourg and Austria can also subscribe to the new 2024/2030 bond directly via the company’s website for the first time from September 4 to 20, 2024 (6:00 p.m. CEST).
Solid start to the 2024/25 financial year
The group of companies has continued its successful operational development of the past financial year – with almost constant sales, adjusted EBITDA rose to EUR 12.8 million in the 2023/24 financial year – with solid development in the first quarter (Q1) of the 2024/2025 financial year: Sales in the opening quarter (April-June 2024) were stable compared to the same period last year at EUR 37 million. “Our entire team has confirmed its strong performance in the past financial year, which is reflected in sales, among other things. And with regard to the development of earnings, we are on track,” continues Michael Söhlke, who is particularly pleased about the continued positive development abroad.
10.7 percent sales growth abroad
Sales outside Germany rose by 10.7 percent in the first quarter of the 2024/2025 financial year compared to the same period last year. In addition, cost discipline and continued efficiency measures in particular are bearing fruit, effectively cushioning the dampening effects of the ongoing general consumer reluctance on the domestic market.
About Semper idem Underberg AG: Semper idem Underberg AG is a Value-oriented family business from Rheinberg on the Lower Rhine. The core competencies of the group are the consumer-centered development and production of premium spirits as well as the worldwide distribution of the products. In addition to the internationally known brands Underberg, Asbach and PITÚ, other own brands and distribution brands are offered. These include from the company’s own St. Hubertus-Tropfen, XUXU and Grasovka as well as numerous distribution brands such as Amarula, Linie Aquavit, BOLS and Ouzo of Plomari.
Press contact:
Christian Schönhals
Press Officer/Head of Corporate Communications
Semper idem Underberg AG
Hubert-Underberg-Allee 1
47495 Rheinberg
Tel.: +49 2843/920-296
Mobil: +49 170/320 97 59
E-Mail: christian.schoenhals@underberg.com
Investor Relations:
Corecoms Consulting GmbH & Co. KG
Mirko Wollrab
Goethestrasse 29
60313 Frankfurt am Main
Mobil: +49 172/830 36 00
E-Mail: mirko.wollrab@corecoms.de
www.corecoms.de
Important instructions:
This publication does not constitute an offer to sell or a solicitation to buy or subscribe for securities in any jurisdiction nor a securities prospectus within the meaning of Regulation (EU) 2017/1129 as amended (“Prospectus RegulationThe public offering of bonds will be made exclusively on the basis of a prospectus to be approved by the CSSF and submitted to the German Federal Financial Supervisory Authority (“Federal Financial Supervisory Authority“) and the Austrian Financial Market Authority (FMA). The approval of the securities prospectus by the CSSF is not to be understood as an endorsement of the securities offered. The securities prospectus contains the information required by law for investors. The securities prospectus to be approved by the CSSF will be published on the website of Semper idem Underberg AG (“Gesellschaft“) (semper-idem-underberg.com/de/governance-investors/investoren/anleihe2024) and on the website of the Luxembourg Stock Exchange (www.bourse.lu) free of charge.
Investors are advised to read the securities prospectus carefully before deciding to purchase or sell bonds of the Company in order to fully understand the potential risks and opportunities of the investment decision and to make an investment decision only by considering all available information about the Company after consulting their own lawyers, tax and/or financial advisors.
A public offer of the securities mentioned in this publication will only take place in Luxembourg, Germany and Austria. In particular, there will be no public offer or solicitation of an offer to purchase securities in the United States of America, Australia, Canada or Japan. Outside Luxembourg, Germany and Austria, the offer of the securities mentioned in this publication is directed only at and is intended exclusively for persons in member states of the EEA who are “qualified investors” within the meaning of Article 2(e) of the Prospectus Regulation (“qualified investors“) are.
This publication is not intended for direct or indirect distribution or distribution in the United States of America or within the United States of America (including its territories and possessions of a state or the District of Columbia) or to publications with a general circulation in the United States of America. It is neither an offer to sell nor an offer to buy or subscribe for securities in the United States of America. The securities are not and will not be registered under the provisions of the US Securities Act of 1933, as amended (“Securities Act“) and may not be offered or sold in the United States of America absent prior registration under the Securities Act, as amended, or without prior registration solely pursuant to an exemption from such registration. The Company does not intend to register the offering of bonds in whole or in part in the United States of America or to conduct a public offering in the United States of America.
This publication may only be distributed in the United Kingdom and is only directed at persons who are “qualified investors” within the meaning of Article 2(e) of the Prospectus Regulation as that Regulation forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 and who, in addition, (i) professional investors within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (“Order“), or (ii) persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, associations without legal personality, etc.) or (iii) Persons to whom an invitation or induction to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of securities may otherwise lawfully be communicated or transmitted (all such persons being referred to collectively as “Relevant personsThis publication is directed only at Relevant Persons in the United Kingdom. Persons who are not Relevant Persons must not act on or rely on this publication. Any investment or investment activity in securities of the Company in the United Kingdom is only available to Relevant Persons and will only be carried out with Relevant Persons.
Underberg Headquarters
30.08.2024 CET/CEST Publication of a corporate news/financial news item, transmitted by EQS News – a service of EQS Group AG.
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