金吾财讯 | 德籍鞋履品牌勃肯 (BIRK) 向美国 SEC 提交募资文件，计划发行七年期可三年赎回高级无抵押债券，募资规模约 9 亿欧元，所得资金主要用于存量债务置换，同时保留资本运作弹性，可用于后续股票回购，本次发行为企业 2021 年后首次债券融资。2021 年企业在 LVMH 旗下 LCatterton 收购前夕完成 4.3 亿欧元债券募资，2023 年完成美股上市；针对市场估值分歧，公司已落地 2.5 亿美元加速股票回购方案，可根据二级市场行情将回购上限提升至 5 亿美元。
消息落地前上周五勃肯股价上涨 5.5%，本周一盘前小幅走低 0.3%。消费行业机构分析，本次中长期债券置换短期高息负债，能够优化整体债务期限结构、降低年度利息支出，同时预留充足现金储备对冲消费市场波动；海外奢侈品与大众消费鞋履板块融资案例显示，品牌通过债券置换搭配股票回购的组合操作，是稳定二级市场估值、回报股东的常规资本运作手段。
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