Zur Rose Group AG, via its subsidiary Zur Rose Finance B.V., successfully completed the placement of CHF 175 million senior unsecured bonds due 2025, guaranteed by Zur Rose Group and convertible into registered shares of Zur Rose Group.


The bonds have a 5-year maturity, a coupon of 2.75% per annum, payable semi-annually in arrear, and a conversion price of CHF 142.3944 which represents a premium of 20% to the volume weighted average price of the Zur Rose shares between launch of the bonds and close of trading on SIX Swiss Exchange on March 26, 2020. Settlement is expected to take place on March 31, 2020. Application for the admission to trading and listing of the convertible bonds according to the Standard for Bonds of the SIX Swiss Exchange will be made.


Zur Rose intends to use the net proceeds from the Offering (i) to fund an accelerated roll out of its eRX solutions and European growth initiatives to broaden its customer base through organic expansion as well as potential acquisitions, (ii) to invest in platform and ecosystem partnerships, (iii) to rapidly adjust to the significantly increased levels of demand since the beginning of the Covid-19 crisis, during which online pharmacies ensure continuous supply of vital medication in line with required social distancing regulations, and (iv) for general corporate purposes.


BofA Securities and UBS AG acted as Joint Global Coordinators and Joint Bookrunners for the bonds.


A cross-border team of Baker McKenzie advised Zur Rose Group on all legal aspects of the convertible bond issuance. Baker McKenzie has already advised Zur Rose Group on its placement of a 2.50% CHF 200 million straight bond in November 2019.


Baker McKenzie advisers to Zur Rose Group:


Dr. Matthias Courvoisier (Partner, Zurich; Lead), Adam Farlow (Partner, London), Dr. Yves Mauchle (Senior Associate, Zurich), Dr. Philip Spoerlé (Senior Associate, Zurich), Beau Visser (Associate, Zurich), Thijs Bogaers (Associate, Amsterdam), Vera van Blerck (Associate, Amsterdam), Tim Alferink (Partner, Amsterdam), Philippe Steffens (Partner, Amsterdam), Jorien Reestman (Associate, Amsterdam), Andrea Bolliger (Counsel, Zurich), Ariane Ernst (Associate, Zurich).
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