Hogan Lovells advises Shop Apotheke on placement of € 75m convertible bonds to support external growth

Led by Frankfurt-based Partner Michael Schlitt and Counsel Susanne Lenz Hogan Lovells advised Shop Apotheke Europe N.V., a leading online pharmacy in Europe, on the placement with institutional investors of senior unsecured convertible bonds, with a maturity of five years in a denomination of € 100,000 each (the "Bonds"). The issue volume amounts to € 75m.

The Bonds bear interest at a rate of 4.500% p.a. payable semi-annually in arrear. The initial conversion price has been fixed at € 46.6864, corresponding to a premium of 25.0% above the volume-weighted average share price of the share in the share capital of the Company during the bookbuilding process on 12. April 2018. The net proceeds are primarily used to finance acquisitions in the OTC segment, mainly with focus on the German market in order to further accelerate the growth of the Company in the most developed market. In addition, proceeds are also used for general corporate purposes.

The Bonds are expected to be admitted to trading on the Open Market (Freiverkehr) of the Frankfurt Stock Exchange.

Joh. Berenberg, Gossler & Co. KG acted as Sole Global Coordinator and Sole Bookrunner.

Hogan Lovells had previously advised Shop Apotheke on the acquisition of mail-order pharmacy Europa Apotheek (2017) as well as on Shop Apothek's initial public offering (2016). 

Hogan Lovells team for Shop Apotheke Europe N.V.:

Frankfurt

Prof. Dr. Michael Schlitt (Lead, Partner), Dr. Susanne Lenz (Lead, Counsel), Dušan Stojković, Daria Latysheva (Senior Associates), Nona Naydenova, Laura-Shari Tiffert (Business Lawyers), Andreas Mildner, Michelle Pohl (all Corporate/Capital Markets);

Amsterdam

Victor de Vlaam (Partner), Leonie Huisman (Counsel), Aafke Pronk (Senior Associate), Chantalle Schoegje (Associate, all Corporate).


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