United Group completes €400 million bond refinancing

The issue price of the notes was par, and the notes have a fixed rate coupon of 6.25 percent per annum. The notes are listed on The International Stock Exchange.

The proceeds from the offering will be used to refinance existing debt of the Group, including the redemption of existing senior secured notes due 2027, the repayment of amounts drawn under the existing revolving credit facility and certain local facilities, and the payment of related fees and expenses.

Following completion of the refinancing, net leverage is expected to remain unchanged (excluding expenses in connection with the transaction).

The transaction is consistent with the Group’s prudent financial policy and its approach of addressing upcoming debt maturities in advance. The successful offering reflects continued support from the Group’s bondholders and the strength of demand for United Group’s credit in the euro bond markets, UG said in a press release.

This transaction follows the publication of United Group’s Q3 and nine-month 2025 results on 2 December 2025, which showed year-on-year growth in both revenue and adjusted EBITDAal and a further reduction in leverage.

For the first nine months of 2025, revenue increased by three percent year-on-year to approximately two billion euro and Adjusted EBITDAal grew by seven percent to approximately 680 million euro, with last-twelve-month revenue reaching 2.7 billion euro (up four percent year-on-year) and last-twelve-month Adjusted EBITDAal 909 million euro (up nine percent year-on-year).

“This successful transaction is a further vote of confidence from our bond investors and a natural next step following our strong Q3 and nine-month results. It allows us to continue our prudent approach to managing the capital structure, while we remain focused on executing our strategy in our core EU markets and maintaining the positive momentum in the business,” said United Group CEO Stan Miller.