Otto Group completes successful transaction on the Schuldschein market
• Initially targeted issuance volume more than doubled due to strong interest
• Schuldschein loans established as a source of financing
• Further diversification of the investor base
Otto GmbH & Co. KGaA has issued Schuldschein loans with a total volume of EUR 240 million and maturities of three, five and seven years through a transaction on the capital market. Following its debut transaction in 2022, the Otto Group has thus again successfully placed a broadly marketed Schuldschein transaction.
The final volume of EUR 240 million significantly exceeded the initially targeted marketing volume of EUR 100 million. More than 30 national and international investors, primarily savings banks, cooperative banks and foreign commercial banks, subscribed the offered tranches with maturities ranging from three to seven years. All tranches were priced and placed at the lower end of the pricing range. The proceeds from the Schuldschein transaction will be used to finance general corporate purposes.
"We view the large investor interest as a strong vote of confidence in the sustainable evolution of our business model. The positive results of the past fiscal year, as well as the outlook for the current fiscal year, underscore our resilience and adaptability in a volatile market environment“, says Katy Roewer, Chief Financial Officer of the Otto Group.
With the new placement of Schuldschein loans, the Otto Group is establishing this debt capital instrument as a source of financing, thereby further broadening its investor base. The Schuldschein transaction has also proven to be stable and attractively priced, making it a great success in the still volatile capital market environment.
The placement of the transaction was supported by DZ BANK AG, ING, LBBW and UniCredit as arrangers. Dentons Europe (Germany) GmbH & Co. KG acted as legal advisor to the Otto Group.
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About Otto Group
With a strong heritage as a family business and firmly rooted values, the Otto Group is looking to the future with confidence. Over the past 75 years, the company has developed from a catalog-based mail order company into an international digital retail and services group with 36,300 employees and a large number of key companies, brands and holdings in over thirty countries, primarily in Germany, the rest of Europe and North America. Its business activities extend to the Platforms, Brand Concepts, Retailers, Services and Financial Services segments. In the 2024/25 financial year (ending February 28), the Otto Group generated revenues of 15 billion euros. As the largest online retailer of European origin, it is shaping the digital retail and digital services of the future by drawing on its strength, market significance and values. Driven by a passionate and entrepreneurial performance culture, the Group is exploiting its vast market expertise and technological competence to inspire its many millions of customers with high-quality products, unique choice of goods and an array of services. The Otto Group is proof that a value-oriented approach and business success can go hand in hand. Environmental protection has been another corporate objective since 1986. It takes its ecological, social and digital responsibility seriously – and will continue to do so.