DGAP-News: Rocket Internet SE / Key word(s): Bond
Rocket Internet SE: Rocket Internet Continues Convertible Bond Buyback Program with up to EUR 100 million
Berlin, September 29, 2017 - The Management Board of Rocket Internet SE ("Rocket Internet" or the "Company") decided to spend up to EUR 100 million (investment amount) on a program to repurchase senior unsecured convertible bonds due 2022 (ISIN DE000A161KH4) issued by the Company in 2015. The convertible bond buyback program will terminate on September 30, 2018. Repurchases of convertible bonds under the program may commence October 2, 2017. Repurchased convertible bonds will be held by the Company or cancelled. The Company's Supervisory Board approved the repurchase program.
Under previous buyback programs, the latest of which has been terminated with effect of today, the Company bought back EUR 252 million (nominal) of the original EUR 550 million issuance for EUR 220 million (investment amount), leaving EUR 298 million convertible bonds (nominal) still outstanding.
With a gross cash balance of EUR 1.9 billion as of end of August 2017, Rocket Internet is very well capitalized. The convertible bond repurchase program is expected to lower the Company's cost of financing, since the convertible bond bears 3.0% p.a. interest and might lead to dilution upon conversion.
Repurchases of the convertible bonds will be carried out using one or more banks based on instructions given by Rocket Internet. The buyback may be suspended and resumed at any time. Rocket Internet will make an announcement once the repurchase program has been completed.
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About Rocket Internet
Rocket Internet incubates and invests in Internet companies with proven business models. It provides operational support to its companies and helps them scale internationally. Rocket Internet focuses predominantly on four industry sectors of online and mobile retail and services that make up a significant share of consumer spending: Food & Groceries, Fashion, General Merchandise and Home & Living. Rocket Internet's selected companies are active in a large number of countries around the world with more than 28,000 employees. Rocket Internet SE is listed on the Frankfurt Stock Exchange (ISIN DE000A12UKK6, RKET). For further information please visit www.rocket-internet.com.
Disclaimer / Important Note
Despite not having control over the key portfolio companies mentioned above, the aggregate financial information is shown on a 100% basis (i.e. 100% of revenues and EBITDA). The actual legal and economic interest of the Rocket Internet group in the network companies shown above is far lower than 100%. Please refer to Rocket Internet SE's consolidated financial statements for additional information on the group's consolidation policies and its segment information.
This document contains forward-looking statements. These statements are based on the current views, expectations and assumptions of the management of Rocket Internet SE and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those described in such statements due to, among other things, changes in the general economic and competitive environment, risks associated with capital markets, currency exchange rate fluctuations and competition from other companies, changes in international and national laws and regulations, in particular with respect to tax laws and regulations, and other factors. Rocket Internet does not assume any obligations to update any forward-looking statements.
|Company:||Rocket Internet SE|
|Phone:||+49 (0)30 300 13 1800|
|Fax:||+49 (0)30 300 13 1899|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Stuttgart, Tradegate Exchange; Luxemburg|
|End of News||DGAP News Service|