On Thursday Eurofins Scientific announced that it has completed the partial refinancing of its hybrid bonds, as many issuers are currently doing in a context of falling interest rates.
The bio-analysis specialist says that it has agreed to buy back bonds for €194m out of a total of €400m, meaning that the nominal amount of hybrid bonds redeemable in 2025 will be €206m.
These bonds, issued in 2017, bore an interest rate of 3.25%.
Note that last week the group successfully raised €400m through a euro-denominated hybrid bond, which was more than three times oversubscribed to.
The purpose of the new bond issue and buyback offer is to actively manage the company's portfolio of hybrid instruments.
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