Basic-Fit, the largest fitness operator and franchisor in Europe, today announced the successful pricing of €307.6 million in unsecured convertible bonds due April 24, 2031. This landmark financing strengthens the company’s financial foundation and provides enhanced flexibility to pursue both organic and inorganic growth across the continent.
The bonds were issued at 100% of their nominal value, with each bond having a nominal value of €100,000. The 2.50% annual coupon will be payable semi-annually on April 24 and October 24 of each year, with the first payment due October 24, 2026. The initial conversion price has been set at €46.618 per share, representing a 45% premium over the reference share price.
The net proceeds from this issuance will be allocated toward general corporate purposes, refinancing of existing indebtedness, and providing greater financial flexibility to support Basic-Fit’s growth strategy. From May 15, 2029, the company retains the right to redeem all (but not part) of the bonds early, subject to certain conditions relating to share price performance.
The bonds were placed exclusively with institutional investors through an accelerated private placement. Simultaneously, certain existing investors conducted a placement of existing shares to facilitate share lending arrangements related to the convertible bonds. Basic-Fit will not receive any proceeds from this secondary share placement.
Settlement of the bonds is expected on April 24, 2026. The company intends to apply for listing of the bonds on the Frankfurt Stock Exchange Open Market within 90 calendar days from the settlement date. BNP Paribas, ABN AMRO, Rabobank (acting together with Kepler Cheuvreux), and ING acted as global coordinators and bookrunners for the transaction.
“This financing marks a significant milestone in Basic-Fit’s journey to bring accessible, affordable fitness to millions of Europeans,” said a Basic-Fit spokesperson. “The strong investor demand reflects confidence in our business model and growth potential across the continent.”
About Basic-Fit
Basic-Fit is Europe’s leading fitness operator and franchisor, operating more than 2,150 clubs across 12 countries with over 5.8 million members. The company offers an affordable and flexible membership model, making fitness accessible to a broad population. For more information, visit www.basic-fit.com.
Infomation Source: Gym factory
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