Hogan Lovells advises Shop Apotheke Europe N.V. on the incentivized conversion and the early redemption of its € 135 million 4.5% convertible bonds due 2023
Led by Frankfurt-based partner Prof. Dr. Michael Schlitt, Hogan Lovells advised Shop Apotheke Europe N.V. (the "Company"), one of the leading and fastest-growing online pharmacies in Continental Europe, on the incentivized conversion and early redemption of its € 135 million 4.5% convertible bonds due 2023 (the “Bonds”).
The Company, advised by Berenberg, incentivized bondholders to convert their Bonds in ordinary shares of the Company. The negotiations between the Company and the bondholders resulted in conversion agreements corresponding to more than 98% of the total amount of € 135 million. Following thereto, the Company announced the early redemption of the remaining Bonds (clean-up). Shares for delivery to converting bondholders have been and will be issued by the Company, increasing its share capital accordingly.
Hogan Lovells had previously advised Shop Apotheke on its € 65m capital increase (2020), its € 50m capital increase and € 60m tap of its convertible bonds (2019), on the original € 75m convertible bonds issue, Shop Apotheke's acquisition of mail-order pharmacy Europa Apotheek (2017) as well as on Shop Apotheke's initial public offering (2016).
Hogan Lovells Team for Shop Apotheke Europe
Prof. Dr. Michael Schlitt (Partner, Lead), Dr. Susanne Ries (Of Counsel), Mark Devlin (Counsel), Dr. Timo Lockemann (Associate), Christian Schröder (Associate), Eva-Christina Sommer (Business Lawyer), Simona Gradišek (Business Lawyer, all Capital Markets).
Victor de Vlaam (Partner), Aafke Pronk (Counsel), Leonie Huisman (Counsel), Janelle de Ruiter (Associate, all Corporate).