Evotec SE has placed senior unsecured convertible bonds due 2033, convertible into new and/or existing no-par value ordinary bearer shares of the company, in an aggregate principal amount of €116.1 million (in bonds). The pre-emption rights of the shareholders were excluded.
The bonds will have a maturity of seven years with an investor put right after five years and will be issued at par in a denomination of €100,000 each. The Bonds will bear interest at a rate of 2.625% per annum payable semi-annually in arrears. The Bonds will be repaid at maturity at their accreted redemption amount of 110% of the principal amount, implying a yield to maturity of 3.882%.
Settlement is expected to take place on or around 21 May 2026. The inclusion of the bonds in the open market segment (Freiverkehr) of the Frankfurt Stock Exchange is intended. Evotec is subject to a lock-up period ending 90 days following the settlement date of the offering, subject to certain exemptions.
The company intends to use the net proceeds to support the cash out requirements of Project Horizon, its transformation program aimed to strengthen the company’s operating model and enable sustained long term value creation.