Uber Enters Euro Bond Market with Record Bridge Credit Agreement
Uber has taken a strategic pivot by issuing its first-ever euro-denominated bond offering. This move comes after the company secured investment-grade credit ratings in 2025, allowing it to access cheaper borrowing costs and a broader pool of institutional buyers.
The €14.2 billion bridge credit agreement with Delivery Hero is directly linked to Uber's voluntary public takeover offer for the German food delivery platform. Since the facility is temporary, a multi-tranche euro bond offering provides longer-term financing, which spreads out the repayment schedule and attracts investors with varying time horizons.
The move marks a significant shift from Uber's historical reliance on US dollars. The company's journey to investment-grade status was not smooth, carrying sub-investment-grade debt for years due to its cash-burning growth phase. However, since earning the upgrade in 2025, Uber has conducted multiple USD senior note offerings to refinance higher-yielding debt.