BIRK · Birkenstock Holding plc

On June 22, 2026, Birkenstock Holding plc (NYSE: BIRK) disclosed through a Form 6-K that its indirect subsidiary, Birkenstock Group B.V. & Co. KG, closed a €900 million offering of 4.500% Senior Notes due 2033. The notes were issued under an indenture with GLAS Trust Company LLC as trustee and are guaranteed by 14 subsidiaries. The offering allows Birkenstock to refinance its existing 5.25% Senior Notes due 2029 (€428.5 million outstanding) which carry a higher coupon, thereby reducing interest expense. Additionally, the net proceeds provide flexibility for the company to execute its previously announced share repurchase program or pay down other debt. The notes are unsecured but rank equally with other senior indebtedness, and contain standard covenants including limitations on liens and mergers, as well as a change of control put at 101% of par. The refinancing extends the company's debt maturity profile and lowers its cost of capital, which is positive for credit quality. The transaction also includes amendments to the existing Term and Revolving Facilities Agreement to release liens. This is a significant capital markets transaction that improves Birkenstock’s financial flexibility and reduces leverage cost.