InPost: Advent-FedEx consortium launches multi-billion euro financing
The financial structure of InPost's acquisition by the Advent, FedEx, A&R and PPF consortium is taking shape. The acquisition vehicle and the company have opened a dual debt market operation worth several billion euros.
New term loan and secured notes of at least €1.9 billion
IS Iris Lux Bidco (the acquisition vehicle of the consortium comprising Advent, FedEx, A&R and PPF) announced on 23 September 2026 its intention to propose, subject to market conditions, a Term Loan B maturing in 2033 with a minimum nominal amount of €1,500 million as well as Senior Secured Notes maturing in 2033 with a minimum nominal amount of €400 million.
These instruments are in addition to a Term Loan B denominated in zlotys pre-placed for an equivalent of €1,135 million. The proceeds from these financings are intended to finance InPost's acquisition launched on 21 May 2026 by the consortium, to fund the balance sheet treasury, to finance the bond buyback offer and to cover fees and expenses related to the transaction.
Buyback offer and consent solicitation on 2031 Senior Notes
In parallel, InPost has invited eligible holders of its 4.000% Senior Notes maturing in 2031 (represented by the Regulation S Global Note) to tender their securities for cash repurchase, up to a Maximum Acceptance Amount. These bonds have an outstanding amount of €849,750,000 with a repurchase price of €1,000 per €1,000 of nominal value, plus accrued interest.
InPost is also soliciting the consent of holders to proposed amendments to the indenture governing these Senior Notes, aimed at aligning certain provisions (debt covenants, reporting, events of default, change of control) with those of the Senior Secured Notes. The offer and solicitation commenced on 23 September 2026 and expire on 1 October 2026 at 16:00 London time, with settlement expected around 9 October 2026.
An operation subject to a financing condition
InPost's obligation to accept and pay the Senior Notes tendered is subject to a financing condition, namely the issuance of the Senior Secured Notes on terms deemed satisfactory by Bidco and the receipt of sufficient proceeds prior to the settlement date. The press release indicates that no assurance can be given that this condition will be satisfied.
If the Reg S Senior Notes validly tendered and not withdrawn represent at least 90% of the total nominal amount of all Senior Notes, InPost may redeem all remaining Senior Notes in circulation at the settlement date at the repurchase price plus accrued interest.
