Mutares SE & Co. KGaA (0UTK), the Munich-headquartered listed private equity holding company traded on the Frankfurt Stock Exchange under the symbol "MUX", has announced plans to refinance early its outstanding floating-rate Bond 2023/2027, which carries a nominal amount of EUR 250 million and matures on 31 March 2027. The company intends to achieve this by increasing its existing Bond 2024/2029 by up to EUR 165 million through a tap issue. The transaction, which the company had previously flagged for the fourth quarter of 2026, involves an exchange offer open to existing bondholders alongside a private placement to institutional investors. Investors will be watching the outcome closely, as the refinancing replaces a higher-margin instrument with one carrying a lower credit spread.

Key Points

  • Mutares SE & Co. KGaA (0UTK), listed on the Frankfurt Stock Exchange (MUX, ISIN: DE000A2NB650), is included in the SDAX index
  • The company is seeking to refinance its EUR 250 million floating-rate Bond 2023/2027 (ISIN: NO0012530965) ahead of its March 2027 maturity via a tap issue of up to EUR 165 million on the Bond 2024/2029 (ISIN: NO0013325407)
  • The exchange period runs from 17 November to 4 December 2026, with settlement and delivery of new bonds expected on 21 December 2026; pricing is expected to be determined on 9 December 2026
  • Investors should monitor final take-up rates, the confirmed issue price within the 100%–101% range, and whether Mutares exercises its right to redeem any unexchanged Bond 2023/2027 bonds early on 28 December 2026

Mutares Replaces 8.50% Margin Bond with 6.25% Margin Instrument Ahead of March 2027 Maturity

The Bond 2023/2027 currently pays interest at 3-month EURIBOR plus a margin of 8.50% per annum. The Bond 2024/2029, into which holders are being invited to exchange, pays 3-month EURIBOR plus a margin of 6.25% per annum, maturing on 19 September 2029. The exchange is structured at a ratio of 1:1 at a rollover price of 100.563% of nominal amount, which incorporates a rollover premium of 0.563%. Exchanging bondholders will additionally receive interest accrued on the Bond 2023/2027 up to the Issue Date. Any difference between the rollover price plus accrued interest and the new bonds' issue price will be settled via a price adjustment amount.

Exchange Offer Structure: Luxembourg CSSF Prospectus Approval and December 2026 Timeline

The public exchange offer is being made in Luxembourg and Germany on the basis of a securities prospectus approved by the Luxembourg Commission de Surveillance du Secteur Financier (CSSF) and notified to Germany's BaFin. The prospectus is available on the Luxembourg Stock Exchange website and on Mutares' own investor relations pages. Bondholders wishing to participate must act through their custodian bank during the exchange window, which opens 17 November and closes 4 December 2026 at 12:00 CET, unless extended or terminated early at Mutares' sole discretion. Pareto Securities AS is acting as exchange agent, Sole Global Coordinator and Joint Bookrunner, with Arctic Securities AS as Joint Bookrunner.

Early Redemption of Bond 2023/2027 Planned for 28 December 2026 for Any Unexchanged Notes

To the extent that any bonds under the Bond 2023/2027 remain unexchanged following the offer period, Mutares has stated its intention to terminate and redeem those bonds early on 28 December 2026, subject to the successful issuance of the tap issue. The company has reserved the right to make its final decision on the transaction depending on prevailing market conditions. Mutares is a listed private equity holding company that acquires businesses in transition, stabilises and repositions them, then resells them. The company operates from offices across sixteen cities globally, including London, Paris, Milan, and Tokyo, and follows a sustainable minimum dividend policy.