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Milbank LLP advised J.P. Morgan, as lead left bookrunner, and the joint bookrunners, in connection with Delivery Hero SE’s (“Delivery Hero”) new senior secured term loan B facility of $1.4 billion (the “Facility”). The Facility matures in June 2032 and carries an annual interest rate of Term SOFR plus 500 basis points. The Facility provides financing that meets Delivery Hero’s strategic objectives – including the planned repayment of its convertible bonds due April 30, 2026 and repurchase of its convertible bonds due January 23, 2027. The net proceeds not used for convertible bond repayments or repurchases in the first half of 2026 will be used for general corporate purposes, which may include additional convertible bond repurchases in the future, as well as cash on balance sheet.
Delivery Hero is the world’s leading local delivery platform, operating its service in around 65 countries across Asia, Europe, Latin America, the Middle East and Africa.
The cross-border Milbank team was led by Global Leveraged Finance partners Sarbajeet Nag and Spencer Pepper, special counsel Andrew Lowndes, and associates Julia Wennberg, Irene Vazquez Scortti, Joseph Principato and Ria Melhotra.
