United Group slashes €15M in annual costs with €1.5B bond refinancing
United Group B.V. has completed a €1.5 billion bond refinancing, cutting its borrowing costs and extending debt maturities. The move follows a €400 million refinancing in December 2025 and is expected to save the company around €15 million in annual interest payments.
CEO Stan Miller confirmed the transaction would reduce funding expenses while improving financial flexibility.
The refinancing involved scaling up a new floating rate notes (FRNs) issuance to €1.13 billion. Interest rates on these FRNs were lowered by 100 basis points. Additionally, the company refinanced its existing PIYC PIK notes, reducing their cost by 112.5 basis points.
The deal extends United Group’s debt maturity profile, providing more time to manage repayments. This comes after the firm reported strong Q3 results, with rising revenue, higher adjusted EBITDAaL, and a drop in leverage.
Miller, who took over as CEO from founder Dragan Šolak and later Victoriya Boklag, highlighted the refinancing as a key step in optimizing the company’s capital structure. His comments, made in January 2026, underscored the transaction’s role in securing long-term financial stability.
The refinancing reduces United Group’s annual interest burden by approximately €15 million. It also lengthens the company’s debt repayment timeline and lowers overall borrowing costs. These changes follow a period of steady financial growth and improved leverage metrics.
