Katjes Greenfood refinanced its 2022/2027 bond early in October 2026. The new 2026/2031 bond was significantly oversubscribed. This was achieved in an environment where bond markets worldwide were under pressure. Team iron acted as Investor Relations and Communications Consultant accompanied.
The Starting Point
The Katjesgreenfood GmbH & Co. KG („Katjes Greenfood“), headquartered in Düsseldorf, together with its sister companies Katjes Fassin and Katjes International, forms the Katjes Group. As a legally independent investment company, Katjes Greenfood invests in high-growth „better-for-you“ brands that are benefiting from long-term shifts in dietary and consumer behavior. In addition to financial investments, a strong network and deep expertise in the food retail sector are the key pillars used to build the portfolio companies into market leaders and the “love brands” of tomorrow.
Since the company’s debut bond issuance in 2022—which has since been increased to 38 million euros—we have been supporting the company in the capital markets. In the fall of 2026, the early refinancing of this bond, as well as that of a 2021 crowdfunding subordinated loan (approximately 3 million euros, maturing in 2026), was scheduled.
Market Environment
The issuance took place during a period when bond markets worldwide were under pressure. In September, the Federal Reserve raised key interest rates for the first time in about three years; yields in the U.S. rose to their highest level since 2007, and interest rates in Europe also rose. This made it all the more important to have a clear narrative and a credible presentation that would reach all investor groups.
Communication Requirements
The 2026/2031 bond is a Nordic bond governed by Norwegian law. A particular challenge was that several different investor groups were targeted through different channels:
- Existing bondholders exchanged the 2022/2027 bond through their custodian bank.
- Crowd investors exchanged their 2021/2026 loan using a digital form on the website.
- New investors in Germany, Luxembourg, and Austria subscribed for more than DirectPlace by Deutsche Börse or through the Katjes Greenfood website.
- At the same time, a private placement was conducted among institutional investors.
The interest rate and volume were determined gradually over the course of the nearly four-week offering period. Each milestone had to reach all groups simultaneously—and, as part of the Nordic bond offering, naturally in two languages.
Our Contribution: Communication Tailored to Every Channel and Investor Type
Bond Story and Prospectus. Together with the issuer and the banks, we established a communication roadmap, timeline, and key messages early on. The bond story ties together the opportunities presented by the “better-for-you” market, the outlook for the portfolio companies, and the owners’ commitment. It was communicated consistently across all channels and incorporated into all communication materials.
The website as a one-stop shop. The bonds section made the exchange and subscription processes easy to understand for every investor group. Our goal was to answer as many questions as possible in advance. To achieve this, we formatted the content, structure, and metadata so that they are AI-visible—meaning they can be easily found in Google and AI searches. We managed the section throughout its entire lifecycle—from launch to the prospectus release, through the exchange and subscription phases, and on to preparations for the post-IBO phase—in close coordination with the issuer’s web agency.
Financial Press, Media, and Webcast. We drafted and distributed press releases, facilitated interviews with financial and bond media outlets, and managed press contacts and inquiries in close coordination with our internal teams. In addition, Tobias Bachmüller (managing partner) and Marius Rodert (CFO) discussed the following in a public investor webcast: AIRTIME the offering. In addition, we have a media plan, banner ads in bond-related media, mandatory announcements, and a targeted LinkedIn Campaign coordinated. The latter achieved high click-through rates with a good cost-benefit ratio.
Investor Hotline and Mailbox Management. Using state-of-the-art telephone system technology and a carefully coordinated voicemail management system, we ensured professional and prompt handling of all inquiries, whether from institutional or retail investors. This was particularly true for technical details regarding the exchange, securities account management, and subscription. This was based on a coordinated Q&A catalog, complete with a conversation guide and ongoing updates on current subscription topics. At the same time, we incorporated frequently asked questions into the website’s FAQ section.
Control. Project management, interface management, and regular meetings ensured that communication and branding were consistently aligned.
„Our core task was to credibly convey Katjes Greenfood’s story and track record, to guide every investor group safely through the exchange and subscription process, and to ensure the security of the transaction. A key factor in this success was that the issuer and the project team worked together closely and in a spirit of trust throughout the entire process. Of course, there are many factors that influence the success of a transaction. But professional preparation and execution form a crucial foundation.“
Florian Kirchmann, Project Manager and Head of Operations at iron AG
The result: significantly overstated, deliberately increased in a measured way
The original target volume of 40 million euros was significantly oversubscribed. There was strong demand from institutional investors, existing investors, and retail investors alike. Katjes Greenfood deliberately increased the volume by only 10 % to 44 million euros in order to avoid significantly expanding the planned financing amount. The coupon of 8.00 % p.a. falls within the lower third of the specified range of 7.75 to 8.50 % p.a., and all exchange offers were fully satisfied. The 2022/2027 bond is callable as of November 30, 2026. This has created a long-term, solid financing base at an early stage.
Project Participants
We would like to thank the entire team at Katjes Greenfood and to all our partners for their trust and cooperation.
- Global Coordinator and Joint Lead Manager: ABG Sundal Collier ASA
- Joint Lead Manager: Montega Markets GmbH (Contractually bound agent of Wolfgang Steubing AG, a securities service provider)
- Legal counsel to the issuer: HEUKING
- Legal Advisor for Norwegian Law: Wikborg Rein
- Technical Service Provider for the Drawing Section: valantic Transaction Solutions GmbH
- Processing of Exchange Offers and Paying Agent: Bankhaus Gebr. Martin AG
- DirectPlace Processing: Wolfgang Steubing AG, Investment Services Provider
iron – the company that provides sound guidance: As one of the most accomplished and most experienced IR consultants In this segment, we have already successfully managed around 50 bond issuances and know exactly, what convinces investors. Are you planning to issue a bond or go public? Contact us.
