United Group completes €1.5 billion bond refinancing

It said that strong investor demand allowed the Group to dramatically upscale the new floating rate notes (FRNs) transaction to €1,130 million, and also refinance its outstanding PIYC PIK notes.

The transaction achieved a reduction in the cost of its FRNs by 100 basis points and its PIYC PIK notes by 112.5 basis points, resulting in approximately €15 million of annual interest cost savings as well as an extension of the Group’s debt maturity profile, the press release said.

United Group added that this outcome follows its successful €400 million bond refinancing completed in December 2025 and the Group’s recent Q3 results, which demonstrated continued growth in revenue and adjusted EBITDAaL, and a further reduction in leverage.

It said that, together, these developments reflect continued support from the Group’s bondholders and the strength of demand for United Group’s credit in the European debt capital markets, and underscore confidence in the Group’s strategy, growth prospects and financial performance.

“We are delighted with the outcome of this transaction. It has not just reduced our funding cost but this was a further vote of confidence from our bond investors and builds on the positive momentum following our strong Q3 results,” said United Group CEO Stan Miller.

He emphasized that the transaction reflects a disciplined approach to capital structure management and enhances financial flexibility, allowing UG to continue executing its strategy in core EU markets and advancing its growth agenda.