EQS-Adhoc: Delivery Hero announces financing transaction to extend its existing term facilities and to raise add-on term facilities, and to purchase selected convertible bonds via a tender offer

Delivery Hero announces financing transaction to extend its existing term facilities and to raise add-on term facilities, and to purchase selected convertible bonds via a tender offer

Berlin, 4 March 2024 – Delivery Hero SE ("Delivery Hero" or the "Company", ISIN: DE000A2E4K43, Frankfurt Stock Exchange: DHER), today announces the launch of a financing transaction intended to amend and extend its outstanding USD 813 million term facility and EUR 300 million term facility (respectively, the "Dollar Term Facility" and the "Euro Term Facility") and to raise one or more additional add-on term facilities in an aggregate amount of approximately EUR 500 million equivalent (“Add-on Term Facilities”, together with the Dollar Term Facility and the Euro Term Facility, the "Term Facilities").

The transaction is launched to amend the terms of Delivery Hero’s existing term facilities in the Company’s favor, to extend the maturity from August 2027 to December 2029 and to lower the cost of debt.

Delivery Hero intends to use at least EUR 300 million of the Add-on Term Facilities to repurchase selected outstanding convertible bonds. Depending on the tender dynamics and outcome, any remaining amount will be used for general corporate purposes, which may include additional buybacks of outstanding convertible bonds.

With respect to the buyback of the convertible bonds, the Company intends to launch a tender offer to partially repurchase for cash, (i) the 2025 bonds (i.e. the convertible bonds due 2025 (ISIN: DE000A3H2WP2) with an outstanding principal amount of EUR 500 million as of today, following an already completed buyback in the amount of EUR 250 million in 2023) and (ii) the 2026 bonds (i.e. the convertible bonds due 2026 (ISIN: DE000A3MP429), with an outstanding principal amount of EUR 750 million as of today). The decision to accept the repurchase offers will be at the Company's sole and absolute discretion. Further announcements relating to such repurchases will be made in due course.

FY 2024 guidance confirmed

Delivery Hero confirms the guidance provided with its Q4 2023 Trading Update on 14 February 2024. The Group expects GMV growth of 7-9% YoY and Total Segment Revenue growth of 15-17% YoY. Furthermore, the Group expects an adj. EBITDA of EUR 725-775 million and a positive Free Cash Flow in FY 2024.

Regarding the definition of the alternative performance measures, GMV, Total Segment Revenue and adj. EBITDA, Delivery Hero refers to the corresponding definition of its 2022 Annual Report on page 79 under the Chapter A “Group Profile” within the Combined Management Report, which has been published on the Company’s Investor Relations website.
 

Note:
GMV growth and Total Segment Revenue growth in FY 2024 in constant currency and excluding hyperinflationary accounting. Adj. EBITDA and Free Cash Flow in FY 2024 in reported currency and including hyperinflationary accounting. Free Cash Flow is calculated as cash flow from operations (changes in working capital exclude receivables from payment service providers and restaurant liabilities) less capital expenditures (CapEx) and payment of lease liabilities. Free Cash Flow excludes interest income and expense.

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Responsible person for this publication:

Christoph Bast
Head of Investor Relations
+49 160 30 13 435
ir@deliveryhero.com

Disclaimer

This release may contain forward looking statements, estimates, opinions and projections with respect to anticipated future performance of Delivery Hero SE ('forward-looking statements'). These forward-looking statements can be identified by the use of forward-looking terminology, including the terms 'believes,' 'estimates,' 'anticipates,' 'expects,' 'intends,' 'may,' 'will' or 'should' or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. Forward-looking statements are based on the current views, expectations and assumptions of the management of Delivery Hero SE and involve significant known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Any forward-looking statements included herein only speak as at the date of this release. We undertake no obligation, and do not expect to publicly update, or publicly revise, any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof, whether as a result of new information, future events or otherwise. We accept no liability whatsoever in respect of the achievement of such forward-looking statements and assumptions.

1850009  04-March-2024 CET/CEST