Merz raises €450M in first-ever Schuldschein debt issuance
What's the deal? Germany's Merz Group has completed its first Schuldschein loan issuance, placing €450 million in the debt capital market. The debut, arranged by BNP ParibasDealroom has a profile for this one. Try Dealroom → and DZ BANKDealroom has a profile for this one. Try Dealroom →, was significantly oversubscribed — three times the launch volume — with proceeds paid out on July 16, 2026.
Who took part? Around 50 German and international investors joined, spanning private banks, state-owned banks, public savings banks, cooperative banks, pension funds, and occupational pension institutions. The transaction included fixed- and floating-rate tranches with maturities of three, five, seven, and ten years.
What's the endgame? The family-owned company, founded in 1908, wants to diversify its funding base beyond existing syndicated financing. "By successfully accessing the Schuldschein market, we have further diversified our funding sources, strengthened our financial flexibility and created a solid foundation to support the group's future organic and inorganic growth," said chief financial officer Almuth Steinkühler.
By the numbers: Merz employs more than 5,500 people and generated around €2.5 billion in revenue in the last fiscal year. It secured a credit spread of less than 100 basis points on the five-year benchmark tranche, according to group treasury executive Karsten Kabas.
What does Merz do? The group comprises seven companies, led by three: Merz AestheticsDealroom has a profile for this one. Try Dealroom →, a provider of aesthetic medicine products; Merz TherapeuticsDealroom has a profile for this one. Try Dealroom →, a pharmaceutical firm focused on neurological disorders; and Merz Lifecare, an over-the-counter healthcare business with brands including tetesept and Zirkulin.
The signal: At €450 million, the raise ranks among the largest debt rounds ever recorded for a German health company — in the 96th percentile across 801 comparable deals. That an established, family-owned group is turning to Schuldschein loans signals appetite among mid-cap healthcare firms to broaden financing beyond bank syndicates.
Image credit: foteih
