AEX: Prosus prices new USD tranche and EUR tap bond offerings

Prosus N.V.
(Incorporated in the Netherlands)
(Trade Reg No 34099856)
AEX and JSE Share Code: PRX
ISIN: NL0013654783
Prosus prices new 30-year tranche USD bond and taps of its 2028 and 2032 EUR bonds  

On 1 December 2020, Prosus priced additional USD and EUR notes in an aggregate principal amount totalling US$2.2 billion equivalent under its Global Medium-Term Note Programme. These issuances consist of US$1.5 billion 3.832% notes due 2051, a tap of EUR350 million of its existing 1.539% notes due 2028, and a tap of EUR250 million of its existing 2.031% notes due 2032 (the “Bonds”).

The 2028 notes were offered at an issue price yield of 1.211% and will be treated as a single class with Prosus’s existing EUR500 million 1.539% senior notes due 2028. The 2032 notes were offered at an issue price yield of 1.742% and will be treated as a single class with Prosus’s existing EUR500 million 2.031% senior notes due 2032.

The current favourable market backdrop enabled Prosus to further enhance its average debt maturity profile while reducing its average cost of funding.

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 two times subscribed and the taps of the euro notes more than three times subscribed on the 2028 and 2032 notes.  
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 8 December 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.
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 (2) 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, food delivery, and payments and fintech sectors in markets including India, Russia and Brazil. Through its ventures team, Prosus invests in areas including edtech and health, Prosus actively seeks new opportunities to partner with exceptional entrepreneurs who are using technology to improve people’s daily lives.

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, Bykea, Codecademy, DappRadar, dott, ElasticRun, eMAG, Eruditus, Honor, iFood, Klar, LazyPay, letgo, Meesho, Movile, OLX, PayU, Red Dot Payment, Remitly, SimilarWeb, Shipper, Skillsoft, SoloLearn, Swiggy, and Udemy.

Hundreds of millions of people have made the platforms of its associates a part of their daily lives. For listed companies where we have an interest, please see: Tencent (www.tencent.com; SEHK:00700), Mail.ru (www.corp.mail.ru; LSE:MAIL), Trip.com Group Limited (“Trip.com”) (NASDAQ:TCOM), and DeliveryHero (www.deliveryhero.com; Xetra:DHER).

Today, Prosus companies and associates help improve the lives of around a fifth of the world’s population.

Prosus has a primary listing on Euronext Amsterdam (AEX:PRX) and secondary listings on the Johannesburg Stock Exchange (XJSE:PRX) and a2X Markets (PRX.AJ), and is majority-owned by Naspers.

For more information, please visit www.prosus.com.