(Reuters) -Delivery Hero's shares slumped on Thursday as investors appeared to cash in on strong first-quarter results from the German online takeaway food company, whose business thrived during the coronavirus pandemic. "I don't have an explanation for the share move," Delivery Hero Chief Executive Niklas Oestberg told Reuters after the company published its results, adding: "We are very satisfied with the quarter, but markets are currently very volatile." Shares in Delivery Hero stock were down 10% at 1215 GMT, among the worst performers in the German blue-chip index, after rising 8% when they opened.
Delivery Hero said on Monday it had launched a debt financing syndication equal to 1.4 billion euros ($1.55 billion) with proceeds to be used to bolster its liquidity position. The proceeds from a $825-million-term facility and 300-million-euro term facility, which have a maturity of 5.25 years, would also be used for potential refinancing of convertible debt at maturity, working capital and guarantees, among other general corporate purposes, said the German takeaway company. Delivery Hero said it would also enter a revolving credit facility in the amount of 375 million euros with a consortium of banks.
(Reuters) -Delivery Hero saw almost a third of its market value wiped out on Thursday after 2022 earnings guidance fell short of market expectations and investors stampeded out of another stock previously considered a pandemic-era darling. It said it expected Glovo to make an adjusted EBITDA of negative 330 million euros this year, which JPMorgan noted was 100 million euros above their own estimate.