AEX: Prosus prices multi-tranche USD and EUR bond offerings

Prosus N.V.
(Incorporated in the Netherlands)
(Trade Reg No 34099856)
AEX and JSE Share Code: PRX
ISIN: NL0013654783
(“Prosus” or the “Company”)
Prosus Prices Multi-tranche USD and EUR Bond Offerings
Prosus has raised more than US$2 billion in debt comprising its longest dated US dollar offering to date, priced on 27 July 2020, and its debut euro notes offering, priced on 28 July 2020. These issuances consist of US$1.00 billion 4.027% notes due 2050, EUR500 million 1.593% notes due 2028 and EUR500 million 2.031% notes due 2032, in each case to be issued under its Global Medium-Term Note Programme (the “Bonds”).

The current favourable market backdrop enabled Prosus to diversify its funding sources by establishing a position in the euro bond market, while at the same time extending the duration of the Company’s financing curve to 30 years in the US dollar market.

The purpose of the offerings is to raise proceeds for general corporate purposes, including potential future M&A activity, and to further augment the company’s liquidity position.

The offerings attracted strong investor demand, with US dollar notes more than seven times subscribed and the euro debut notes more than eleven times subscribed on the eight year notes and twelve times subscribed on the twelve year notes, allowing pricing of the Bonds at rates that reduce the Company’s average funding cost, while at the same time extending the blended maturity profile of its outstanding notes to almost 12 years.  
It is expected that this financing will be ratings neutral for Prosus. Prosus remains committed to an Investment Grade credit rating, as management believes this to be important in providing the group with debt capital market access at attractive rates.

The offerings are expected to close on 3 August 2020, subject to customary closing conditions.
An application has been made to Euronext Dublin to admit the Bonds to listing on the Official List of Euronext Dublin and trading on the regulated market thereof.
29 July 2020
Amsterdam, the Netherlands
JSE sponsor (South Africa): Investec Bank Limited
Cautionary Statement
This announcement is for information purposes only and does not constitute a prospectus or any offer to sell or the solicitation of an offer to buy any security in the United States or in any other jurisdiction. Any securities mentioned herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or applicable state or foreign securities laws and may not be offered or sold in the United States absent registration under federal or applicable state securities laws or an applicable exemption from such registration requirements. Any securities mentioned herein have been and will only be offered (i) in the United States to investors who are reasonably believed to be both (1) qualified institutional buyers pursuant to Rule 144A under the Securities Act and (2) Qualified Purchasers (as defined in Section 2(a)(51)(a) of the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”)), and the rules and regulations promulgated thereunder or (ii) outside the United States to investors who are both (1) non-U.S. residents (as defined for purposes of the Investment Company Act) and non‑U.S. persons (within the meaning of Regulation S under the Securities Act).

This announcement contains information that qualifies, or may qualify, as inside information within the meaning of Article 7(1) of the Market Abuse Regulation (EU) 596/2014.

The information contained in this announcement may contain forward-looking statements, estimates and projections. Forward-looking statements involve all matters that are not historical and may be identified by the words “anticipate”, ”believe”, ”estimate”, ”expect”, ”intend”, ”may”, ”should”, ”will”, ”would” and similar expressions or their negatives, but the absence of these words does not necessarily mean that a statement is not forward-looking. These statements reflect Prosus’s intentions, beliefs or current expectations, involve elements of subjective judgment and analysis and are based upon the best judgment of Prosus as of the date of this announcement, but could prove to be wrong.  These statements are subject to change without notice and are based on a number of assumptions and entail known and unknown risks and uncertainties. Therefore, you should not rely on these forward-looking statements as a prediction of actual results. 

Any forward-looking statements are made only as of the date of this announcement and neither Prosus nor any other person gives any undertaking, or is under any obligation, to update these forward-looking statements for events or circumstances that occur subsequent to the date of this announcement or to update or keep current any of the information contained herein, any changes in assumptions or changes in factors affecting these statements and this announcement is not a representation by Prosus or any other person that they will do so, except to the extent required by law.

About Prosus
Prosus is a global consumer internet group and one of the largest technology investors in the world. Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities. The group is focused on building meaningful businesses in the online classifieds, payments and fintech, and food delivery sectors in markets including India, Russia and Brazil. Through its ventures team investments, in areas including Edtech and health, Prosus actively seeks new opportunities to partner with exceptional entrepreneurs who are using technology to address big societal needs. Every day, millions of people use the products and services of companies that Prosus has invested in, acquired or built, including Avito, Brainly, BYJU’S, Codecademy, eMAG, Honor, iFood, LazyPay, letgo, Meesho, Movile, OLX, PayU, Red Dot Payments, Remitly, SimilarWeb, SoloLearn, Swiggy, and Udemy. For more information, please visit www.prosus.com.