...June 29, 2026 MADRID (S&P Global Ratings) June 29, 2026--S&P Global Ratings today assigned its '##+' issue rating to the proposed 350 million senior unsecured bond maturing in 2031 set to be issued by HelloFresh SE. We assigned our '3' recovery rating to the proposed debt instrument, indicating our expectation of meaningful recovery prospects (rounded estimate: 55%) in the hypothetical event of default. We understand the company intends to use the proceeds of this new senior unsecured bond to repay its 73 million term loan B tranche due in June 2027, while also holding cash on balance sheet for general corporate purposes and transaction costs. The proposed transaction does not have any major impact on the group's credit metrics and we consider it to be net leverage neutral. This transaction reflects HelloFresh's ambition to diversify its funding sources and maturity profile, thereby managing its group's balance sheet and enhancing its financial flexibility. We continue to believe that there...
