Rocket Internet €550 million convertible bond issue

Overview:

• German technology start-up Rocket Internet issued €550 million in convertible bonds.
• The bonds, which were sold to institutional investors, have a coupon of 3%, mature in July 2022, and are listed on the Frankfurt Stock Exchange . 
• The initial conversion price was around €48 per share, which represented a 35% premium on Rocket's share price at the time.  
• JPMorgan was bookrunner on the transaction.

Ben Naylor - Regional Editor