White & Case advises Rohlik.cz Finance II on innovative CZK 4 billion retail bond issuance

Global law firm White & Case LLP has advised Rohlik.cz Finance II a.s. as issuer on its CZK 4 billion retail offering of senior secured fixed rate bonds due in 2029 with a right to receive an extraordinary bonus linked to equity value.

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The bonds are guaranteed by Rohlik Group’s largest shareholder, Rohlik.cz Investment a.s., and secured by shares in Rohlik Group. The bonds bear a fixed coupon of six percent per annum. Additionally, they provide investors with a right to receive an extraordinary bonus at final or early maturity, ranging from 20.0 percent to 27.5 percent depending on, among other factors, the valuation of Rohlik Group at that time. 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.

“This bond issuance, totaling approximately €160 million, represents yet another important milestone for the group as it continues its impressive growth journey,” said White & Case partner Petr Hudec, who led the Firm’s deal team. “The transaction showcases our capabilities in navigating clients through the complexities of novel capital markets transactions on the market.”

J&T IB Capital Markets, a.s. acted as arranger. J&T BANKA, a.s., Česká spořitelna, a.s. and PPF banka a.s. acted as joint lead managers.

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Rohlik is a leading European online food delivery service operating in the Czech Republic, Germany, Hungary, Austria and Romania. It is part of an exclusive group of Czech startups with ‘unicorn’ status, valued at more than US$1 billion. In a move to expand its reach, Rohlik recently announced the launch of a groundbreaking partnership with Amazon in Germany, enabling it to deliver products to Amazon Prime customers through Amazon’s platform.

The White & Case team in Prague which advised on the transaction was led by partner Petr Hudec and included local partner Jan Vacula, counsel Petr Šmerkl and associate Josef Levy.

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