Eurofins successfully prices new €600m hybrid bonds

Eurofins Scientific (EUFI.PA, rated Baa3 by Moody’s and BBB- by Fitch, “Eurofins”), a global leader in bioanalytical testing, announces that it has successfully raised €600m in its latest Euro hybrid bond public issuance. The transaction was well received and more than 2.7x times over-subscribed.

This new series of bonds has no specified maturity and is accounted for as 100% equity according to international financial reporting standards (IFRS) and 50% equity with the rating agencies Moody’s and Fitch. It will bear a fixed annual coupon of 6.75% for the first 5.5 years (until 24 July 2028), upon which date Eurofins can elect to repay them.

This issuance enables the group to return to its targeted capital structure that includes an adequate level of hybrid capital of €1bn[1] to support its targeted range for financial leverage of 1.5-2.5x. The bonds’ proceeds are available for general corporate purposes. Outside of the planned repayment of the outstanding €183m in hybrid bonds callable on 29 April 2023, Eurofins has no major refinancing requirements until the outstanding €448m senior Eurobonds become due on 25 July 2024.

Comment from Dr. Gilles Martin, Eurofins CEO: “The successful issuance of our new €600m hybrid capital instrument reinforces Eurofins’ solid credit profile as well as confirms investor confidence in Eurofins’ positive business outlook.”

The bonds will be listed from their issue date (24 January 2023) on the regulated market of the Luxembourg stock exchange (ISIN XS2579480307). 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 (i) 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 nor (ii) in any other jurisdiction where it is unlawful to do so.

[1]assuming completion of the planned repayment of the outstanding €183m hybrid bonds issued in 2015 that are callable on 29 April 2023

Notes to Editors:

For more information, please visit www.eurofins.com or contact:

About Eurofins – the global leader in bio-analysis

Eurofins is Testing for Life. Eurofins is the global leader in food, environment, pharmaceutical and cosmetic product testing, and in discovery pharmacology, forensics, advanced material sciences and agroscience Contract Research services. Eurofins is also a market leader in certain testing and laboratory services for genomics, and in the support of clinical studies, as well as in BioPharma Contract Development and Manufacturing. The Group also has a rapidly developing presence in highly specialised and molecular clinical diagnostic testing and in-vitro diagnostic products.

With over 61,000 staff across a decentralised and entrepreneurial network of 900 laboratories in 61 countries, Eurofins offers a portfolio of over 200,000 analytical methods to evaluate the safety, identity, composition, authenticity, origin, traceability and purity of a wide range of products, as well as providing innovative clinical diagnostic testing services and in-vitro diagnostic products.

The Group’s objective is to provide its customers with high-quality services, innovative solutions and accurate results on time. Eurofins is ideally positioned to support its clients’ increasingly stringent quality and safety standards and the increasing demands of regulatory authorities as well as the requirements of healthcare practitioners around the world.

In 2020 and 2021, Eurofins reacted quickly to meet the global challenge of COVID-19, by creating the capacity to help over 20 million patients monthly who may have been impacted by the pandemic with our testing products and our services and directly supporting healthcare professionals working on the front line to fight the virus. The Group has established widespread PCR testing capabilities and has carried out over 40 million tests in its own laboratories, is supporting the development of a number of vaccines and has established its SAFER@WORK™ testing, monitoring and consulting programmes to help ensure safer environments, travel and events during COVID-19.

Eurofins has grown very strongly since its inception and its strategy is to continue expanding 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.

Shares in Eurofins Scientific are listed on the Euronext Paris Stock Exchange (ISIN FR0014000MR3, Reuters EUFI.PA, Bloomberg ERF FP).

Until it has been lawfully made public widely by Eurofins through approved distribution channels, 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, as amended.

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 judgment of Eurofins Scientific’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 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 guarantees can be made as to their completeness or validity.

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