White & Case has advised Rohlik.cz Finance II on a CZK 4 billion retail offering of senior secured fixed rate bonds due in 2029 which feature an equity-linked bonus.
J&T IB Capital Markets was the arranger and J&T Banka, Ceska Sporitelna, and PPF Banka were the joint lead managers.
Rohlik Group is an online food delivery service operating in the Czech Republic, Germany, Hungary, Austria, and Romania.
According to White & Case, the bonds are guaranteed by Rohlik.cz Investment – the largest shareholder of Rohlik Group – and secured by shares in Rohlik Group. Alongside a fixed annual coupon of six percent, investors may receive an extraordinary bonus at final or early maturity ranging from 20% to 27.5%, subject to Rohlik Group’s valuation. “This is the first time such novel feature, which provides investors in corporate bonds with an upside linked to equity value, has been used in the domestic retail bond market.”
The White & Case team included Prague-based Partner Petr Hudec, Local Partner Jan Vacula, Counsel Petr Smerkl, and Associate Josef Levy.
White & Case did not respond to our inquiry on the matter.
