Evotec Places €116.1M Convertible Bonds Due 2033 at 2.625% Interest
EVO•Evotec placed €116.1 million of senior unsecured convertible bonds due 2033, bearing interest at 2.625% and repaid at 110% of principal for a 3.882% yield. Bonds convert at €6.5313 (37.5% premium) with an effective €7.1844 price at maturity to fund its Project Horizon transformation program.
1. Issuance of Convertible Bonds
Evotec successfully placed €116.1 million of senior unsecured convertible bonds in €100,000 denominations, issued at par with no shareholder pre-emption rights. The seven-year notes pay 2.625% semi-annual interest and will be repaid at 110% of principal at maturity, delivering a 3.882% yield.
2. Conversion Terms and Pricing
The bonds convert into ordinary shares at €6.5313, a 37.5% premium over the reference share price, with an effective conversion price of approximately €7.1844 at maturity. Settlement is expected around 21 May 2026, and investors hold a put right after five years.
3. Use of Proceeds for Transformation
Net proceeds will support Project Horizon, Evotec’s transformation program designed to strengthen its operating model and drive long-term value creation across drug discovery and development platforms. This funding underpins initiatives spanning small molecules, biologics, cell therapies and AI-driven research tools.
4. Lock-Up and Coordination Details
Evotec is subject to a 90-day lock-up following settlement, subject to exemptions, to stabilize the share base post-offering. BNP Paribas and Goldman Sachs Bank Europe SE led the transaction as Joint Global Coordinators, joined by HSBC Continental Europe and Morgan Stanley as Joint Bookrunners.
