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Delivery Hero’s EUR Convertible Curve Rallies On Refinancing

TECHNOLOGY


  • The firm announced plans to amend and extend existing term facilities, raise approximately EUR 500mn in add-on term facilities, and use at least EUR 300mn to repurchase parts of their 2025 and 2026 lines.
  • Delivery Hero’s EUR curve (all convertibles) is trading firmer today with the 2025s and 2026s EUR 1.53 and EUR 1.80 higher at EUR 93.52 and EUR 88.22 respectively.
  • Delivery Hero also confirmed FY24 guidance of 7-9% GMV growth, 15-17% Total Segment Revenue growth, EUR 725-775mn adjusted EBITDA, and positive FCF.
  • The market is clearly in favour of the move with Delivery Hero’s equity +5% DoD while longer convertibles have also rallied on the news (2030s EUR 1.43 higher at EUR 87.53).
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