Report
Biogroup : Focus Emission
Biogroup (BIOGRP, B3/B) launched a debt refinancing drive on Monday. It seeks to raise min. € 1bn in new 5.25NC2 secured notes and min. € 1bn in TLBs through exchange offers and the issuance of new cash secured notes. It has launched offers to i/ exchange the 2028 SSN (€ 1.45bn outstanding) for new 2031 SSN, ii/ convert the 2029 SUN (€ 250m) into new 2031 SSN with an exchange ratio of 97.5% of the issue price of the new cash secured notes, iii/ and extend the maturity of the existing TLBs (€ 1.75bn) from Feb. 2028 to August 2031. Biogroup will use € 425m in cash in hand to pay refinancing costs (€ 25m) and repay a portion of the TLBs that will not be extended. We see a fair yield of 8.0% on the new 2031 secured notes.
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Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Pierre François Merveille
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