ALSO Holding AG Strengthens Financing Structure with Successful Placement of €250 Million Promissory Note
On 4 December 2025, ALSO Holding AG announced that it had successfully placed a promissory note, known in German as a Schuldscheindarlehen, in the market. The transaction, originally launched with a target volume of €100 million, attracted such robust demand that it was significantly oversubscribed, culminating in a final issuance of €250 million.
Structure of the Note
The €250 million instrument is divided into three tranches with distinct maturities:
| Tranche | Maturity | Interest Rate |
|---|---|---|
| 1 | 3.5 years | Fixed or variable |
| 2 | 5 years | Fixed or variable |
| 3 | 7 years | Fixed or variable |
ALSO has indicated that for the variable‑rate portions, it will employ interest‑rate swaps to lock in long‑term fixed rates, thereby stabilising financing costs over the life of the debt.
Strategic Implications
The new capital is earmarked for the company’s broader growth strategy. As a leading wholesaler of information‑technology and consumer‑electronics products in Switzerland, ALSO relies on a flexible financial base to support expansion into new markets, invest in supply‑chain optimisation, and accelerate product development. By securing a diversified debt profile with both short‑ and medium‑term horizons, the firm positions itself to balance liquidity needs with long‑term cost control.
Market Reaction
The announcement was well received by investors, reflected in the steady trading of the ALSO ticker on the SIX Swiss Exchange. With a market capitalisation of approximately CHF 2.68 billion and a 52‑week high of CHF 298.5, the company has already demonstrated resilience in a competitive sector. The effective use of interest‑rate swaps to hedge variable‑rate tranches is seen as a prudent risk‑management move, particularly in an environment of fluctuating European rates.
Historical Context
A glance at the company’s performance over the past five years shows a modest decline in share value. An investment of CHF 10 000 made on 1 December 2020 would have yielded only CHF 9 363 by 1 December 2025, a 6.37 % loss when dividends and splits are excluded. This context underscores the importance of strategic financial management and the potential upside of strengthening the debt structure as done today.
Conclusion
ALSO Holding AG’s successful placement of a €250 million promissory note not only expands its financial resources but also demonstrates the company’s ability to attract capital in a competitive market. By aligning the debt profile with its growth objectives and employing hedging techniques to mitigate interest‑rate risk, ALSO sets the stage for sustained expansion in the information‑technology and consumer‑electronics sectors.
