The Bonds will have a maturity of 7 years and, unless previously redeemed, converted or purchased and cancelled, will be redeemed in cash at their principal amount on 17 June 2028. The Bonds have a denomination of EUR 100,000 each and will be issued at 100% of their principal amount. The Bonds will be issued with a coupon of 1.50% per annum. The initial price for conversion of the Bonds into Shares of the Company has been set at EUR 50.625, representing a premium of 35% above the reference share price.
The net proceeds of the Offering will be used for general corporate and refinancing purposes and to provide the Company with the financial flexibility to accelerate the execution of its growth strategy. The increased attention for health and wellbeing, due to COVID-19, is expected to lead to increased demand for fitness and higher fitness penetration levels in our countries. At the same time the Company expects increased availability of good sites at better terms compared to pre COVID-19. Next to organic growth, Basic-Fit will also be considering (small) bolt-on acquisitions if these opportunities would present themselves.
Source: Basic-Fit
Picture: Basic-Fit