This document contains inside information
for the purpose of Regulation (EU) 596/2014 of the European
Parliament and of the Council of 16 April 2014 on market
abuse.
Regulatory News:
Eurofins Scientific SE (EUFI.PA, unrated) (Paris:ERF), a global
leader in bioanalytical testing, announces the potential launch of
an offering for a EUR 500m seven year senior unsecured bond,
maturing in 2024, subject to market conditions.
In view of the favourable market conditions and on the back of
the strong M&A activity year-to-date, Eurofins has decided that
this is the right time to access the debt capital markets in order
to refinance its 2018 bond as well as enhance its liquidity
position.
Eurofins continues to invest in attractive markets where the
Group sees growth opportunities with the objective to create
long-term value for its shareholders. While Eurofins’ business
activity is in-line with both its 2020 mid-term plan and 2017
objectives, as announced on last February 28th, its M&A
activity in particular, has been ahead of plan since the beginning
of the year.
As of today, including the Amatsi transaction announced on July
10th, Eurofins has signed and/or closed deals representing an
aggregate amount of expected annual pro forma revenues close to EUR
270m in 2017 thereby exceeding its annual M&A revenue target
(EUR 200m) in only six months. The larger transactions included in
this total have been described in press releases issued since the
start of the year. Overall the EBITDA margin of the companies
acquired is already in the high double digit area, close to the
Group’s 20% objective. The corresponding consideration is of the
order of EUR 475m with up to less than 10% additional contingent
earn-out subject to significant profit growth. Eurofins also
anticipates that the remainder of the year should continue to
remain strong in terms of M&A activity.
In terms of liquidity, Eurofins closed the year ending 31
December 2016 with EUR 826m of available cash, which has financed
the intense M&A activity in the first six months of this year
(c. EUR 300m, excluding the Amatsi transaction which should be
closed later during the year), Bond and Hybrid capital coupons in
excess of EUR 60m paid in H1 2017 and the 2017 dividends of EUR 34m
paid early July; it will also be used to pay for the buy-out of
Bio-Access minority shareholders for approximately EUR 100m
scheduled in early August; all the above representing a total of c.
EUR 500m of cash disbursements. Of course Eurofins also continues
to generate operating cash flow in line with its objectives.
Given the current attractive credit market conditions and
potential future rate increases, it seems an opportune time to
contemplate a new EUR 500m seven year bond offering, that will
strengthen our liquidity position for corporate activity in the
remainder of 2017 as well as extend our debt maturity profile. It
will also help us refinance our EUR 300m bond that matures in
November 2018.
Comment from Dr. Gilles Martin, Eurofins CEO: “I am happy
to report on strong M&A results for the first half of the year
where we added several profitable, high growth and defensive
companies to our portfolio. We continue to examine several
interesting opportunities, while sticking to our financial
discipline of maintaining a sound capital structure, and creating
long-term value for our shareholders and investors. This discipline
is exemplified by the fact that Eurofins has continued to focus on
smaller transactions at a reasonable overall multiple."
BofA Merrill Lynch and BNP Paribas will act as global
coordinators and Crédit Agricole CIB, Natixis and UniCredit Bank
will act as joint bookrunners for the transaction.
The bonds will be listed on the regulated market of the
Luxembourg stock exchange. The bonds are not registered under the
US Securities Act of 1933 as amended (the “Securities Act”), and
may not be offered or sold in the United States (as such term is
defined in Regulation S under the Securities Act) unless registered
under the Securities Act or pursuant to an exemption from such
registration.
For more information, please visit
www.eurofins.com
Notes for the editor:
Eurofins – a global leader in bio-analysis
Eurofins Scientific SE through its subsidiaries (hereinafter
sometimes “Eurofins” or “the Group”) believes it is the world
leader in food, environment and pharmaceutical products testing and
that it is also one of the global independent market leaders in
certain testing and laboratory services for agroscience, genomics,
discovery pharmacology and for supporting clinical studies. In
addition, Eurofins is one of the key emerging players in specialty
clinical diagnostic testing in Europe and the USA. With over 30,000
staff in 375 laboratories across 41 countries, Eurofins offers a
portfolio of over 130,000 analytical methods for evaluating the
safety, identity, composition, authenticity, origin and purity of
biological substances and products, as well as for innovative
clinical diagnostic. The Group objective is to provide its
customers with high-quality services, accurate results on time and
expert advice by its highly qualified staff.
Eurofins is committed to pursuing its dynamic growth strategy by
expanding both its technology portfolio and its geographic reach.
Through R&D and acquisitions, the Group draws on the latest
developments in the field of biotechnology and analytical chemistry
to offer its clients unique analytical solutions and the most
comprehensive range of testing methods.
As one of the most innovative and quality oriented international
players in its industry, Eurofins is ideally positioned to support
its clients’ increasingly stringent quality and safety standards
and the expanding demands of regulatory authorities around the
world.
The shares of Eurofins Scientific SE are listed on the Euronext
Paris Stock Exchange (ISIN FR0000038259, Reuters EUFI.PA, Bloomberg
ERF FP).
Important disclaimer:
This press release contains forward-looking statements and
estimates that involve risks and uncertainties. The forward-looking
statements and estimates contained herein represent the judgement
of Eurofins Scientific SE’s management as of the date of this
release. These forward-looking statements are not guarantees for
future performance, and the forward-looking events discussed in
this release may not occur. Eurofins Scientific SE disclaims any
intent or obligation to update any of these forward-looking
statements and estimates. All statements and estimates are made
based on the information available to the Company’s management as
of the date of publication, but no guarantee can be made as to
their validity.
This press release does not, and shall not, in any
circumstances, constitute a public offering nor an invitation in
any jurisdiction in connection with any offer.
In any Member State of the European Economic Area (“EEA”), this
press release is only addressed to and directed at persons in
Member States who are “qualified investors” within the meaning of
Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC,
as amended).
This press release has been prepared on the basis that any
potential offer of the bonds in any Member State of the EEA which
has implemented the Prospectus Directive, and in particular in the
Grand Duchy of Luxembourg and France, (each, a "Relevant Member
State") will be made pursuant to an exemption under the Prospectus
Directive, as implemented in that Relevant Member State, from the
requirement to publish a prospectus. Accordingly any person making
or intending to make any offer in that Relevant Member State of
securities which are the subject of the placement contemplated in
this press release may only do so in circumstances in which no
obligation arises for Eurofins Scientific SE or any of the joint
bookrunners to publish a prospectus pursuant to Article 3 of the
Prospectus Directive, as amended, in relation to such offer.
Neither Eurofins Scientific SE nor the joint bookrunners have
authorized, nor do they authorize, the making of any potential
offer of the bonds in circumstances in which an obligation arises
for Eurofins Scientific SE or any of the joint bookrunners to
publish a prospectus for such offer.
This press release is only being distributed to, and is only
directed at, persons in the United Kingdom that (i) are “investment
professionals” falling within Article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005 (as
amended, the "Order"), (ii) are persons falling within Article
49(2)(a) to (d) ("high net worth companies, unincorporated
associations, etc.") of the Order, or (iii) are persons to whom an
invitation or inducement 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 any securities may
otherwise lawfully be communicated or caused to be communicated
(all such persons together being referred to as "relevant
persons"). This press release is directed only at relevant persons
and must not be acted on or relied on by persons who are not
relevant persons. Any potential investment or investment activity
to which this press release relates is available only to relevant
persons and will be engaged in only with relevant persons.
This press release is not an offer of securities for sale nor
the solicitation of an offer to purchase securities in the United
States of America or any other jurisdiction. Securities may not be
offered or sold in the United States of America absent registration
or an exemption from registration under the U.S. Securities Act of
1933, as amended. Eurofins Scientific SE does not intend to
register any portion of the potential offering in the United States
of America or to conduct a potential public offering of securities
in the United States of America.
It may be unlawful to distribute these materials in certain
jurisdictions.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170717005357/en/
Investor RelationsEurofins Scientific SEHugues Vaussy, Phone:
+32 2 766 1620Finance DirectorE-mail: ir@eurofins.com
Enerplus (NYSE:ERF)
Historical Stock Chart
From Jun 2024 to Jul 2024
Enerplus (NYSE:ERF)
Historical Stock Chart
From Jul 2023 to Jul 2024