Bond R-Logitech Solutions 8.5% ( DE000A19WVN8 ) in EUR

Issuer R-Logitech Solutions
Market price 100 %  ▲ 
Country  Monaco
ISIN code  DE000A19WVN8 ( in EUR )
Interest rate 8.5% per year ( payment 1 time a year)
Maturity 29/03/2023 - Bond has expired



Prospectus brochure of the bond R-Logitech DE000A19WVN8 in EUR 8.5%, expired


Minimal amount 1 000 EUR
Total amount 200 000 000 EUR
Detailed description R-Logitech is a fictional entity; there is no known company or product with that name.

The Bond issued by R-Logitech Solutions ( Monaco ) , in EUR, with the ISIN code DE000A19WVN8, pays a coupon of 8.5% per year.
The coupons are paid 1 time per year and the Bond maturity is 29/03/2023







R-Logitech S.A.R.L.
Monaco, Principality of Monaco
a private limited company (société à responsabilité limitée) incorporated under the laws of the Principality of
Monaco, having its registered office in Monaco, Principality of Monaco
Prospectus
for the Issue of up to EUR 25,000,000.00
8.5% Notes 2018/2023
R-LOGITECH S.A.R.L. (the "Issuer") will issue presumably on 29 March 2018 (the "Issue Date") up to
EUR 25,000,000 notes due 29 March 2023 (the "Notes"). The Notes will bear interest from and including
29 March 2018 to, but excluding, 29 March 2023 at a rate of 8.5% per annum, payable annually in arrears on
29 March of each year.
The obligations under the Notes constitute unsubordinated, unsecured obligations of the Issuer ranking pari pas-
su among themselves and pari passu with all other unsecured and unsubordinated obligations of the Issuer, un-
less such obligations are accorded priority under mandatory provisions of statutory law. The Notes will be in-
cluded to trading in the Open Market of Deutsche Börse AG (unregulated market of the Frankfurt stock ex-
change (Freiverkehr der Frankfurter Wertpapierbörse)) presumably on 29 March 2018.
__________________
Issue Price: 100%
__________________
GLOBAL COORDINATOR AND BOOKRUNNER
FinTech Group Bank AG
SELLING AGENTS
STX Fixed Income B.V.
GBR Financial Services GmbH
This document (the "Prospectus") constitutes a prospectus pursuant to Article 5 para. 3 of the Directive 2003/71/EC of the European Par-
liament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to
trading as amended by the Directive 2010/73/EC of the European Parliament and of the Council (the "Prospectus Directive") and gradually
repealed by Regulation (EU) 2017/1129 of the European Parliament and of the Council (the "Prospectus Regulation") for the purpose of a
public offering of the Notes in the Federal Republic of Germany ("Germany") and the Grand Duchy of Luxembourg ("Luxembourg"). This
Prospectus has been approved by the Luxembourg Commission for the Supervision of the Financial Sector (Commission de Surveillance du
Secteur Financier - "CSSF") and will be notified to the German Federal Financial Supervisory Authority (Bundesanstalt für Fi-
nanzdienstleistungsaufsicht - "BaFin") in accordance with Article 19 of the Luxembourg Law of 10 July 2005 on prospectuses for securities,
as amended, ("Luxembourg Prospectus Law"). Pursuant to Article 7 para. 7 of the Luxembourg Prospectus Law, the CSSF does not take
any responsibility for the economic or financial soundness of the transaction and the Issuer's quality and financial solvency. The approved
prospectus may be downloaded from the Issuer's website (www.r-logitech.com) under the heading "Bond", the website of the Frankfurt
Stock Exchange (www.boerse-frankfurt.de) (the "Frankfurt Stock Exchange") and the website of the Luxembourg Stock Exchange (Socié-
té de la Bourse de Luxembourg) (www.bourse.lu) (the "Luxembourg Stock Exchange").
Application has been made to the Frankfurt Stock Exchange for the Notes to be included in the Open Market (Freiverkehr der Frankfurter
Wertpapierbörse). The Open Market does not qualify as a regulated market for purposes of the Directive 2014/65/EU of the European Par-
liament and of the Council as of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive
2011/61/EU.
The Notes have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"). The
Notes may not be offered, sold or delivered within the United States of America ("United States") or to, or for the account or benefit
of, U.S. Persons (as defined in Regulation S under the Securities Act), except pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act. The Notes are not being offered in the United States.
Prospectus dated 15 March 2018


RESPONSIBILITY STATEMENT
R-Logitech S.A.R.L., ("R-LOGITECH" or the "Issuer", and together with its consolidated subsidiaries the
"Group") having its registered office at 7 Rue du Gabian ­ Le Gildo-1. ETG-Bloc B, 9800 Monaco, Principality
of Monaco, registered with the Trade register of the Chamber of Commerce (Direction de l`Expansion
Economique - Section du Registre du Commerce et de l`Industrie (RCI)) under number 15S06815, accepts re-
sponsibility for the information contained in this Prospectus (the "Prospectus") pursuant to Article 9 of the Lux-
embourg Law on Prospectuses dated 10 July 2005. The Issuer declares that, having taken all reasonable care to
ensure that such is the case, the information contained in this Prospectus is, to the best of its knowledge, in ac-
cordance with the facts and contains no omission likely to affect its import.
In the event claims are asserted before a court of law based on information contained in this Prospectus, the
investor appearing as plaintiff may be required to bear the costs of translating the Prospectus prior to the com-
mencement of legal proceedings in compliance with the national laws of the individual Member States of the
European Economic Area ("EEA").
i


NOTICE
No person is authorised to give any information or to make any representations in relation to the content and
subject matter of this Prospectus other than those contained in this Prospectus and, if given or made, such infor-
mation or representations must not be relied upon as having been authorised by or on behalf of the Issuer or
FinTech Group Bank AG, registered in the commercial register kept at the local court (Amtsgericht) of Frankfurt
am Main under registration number HRB 105687 having its business address at Rotfeder-Ring 7, 60327 Frank-
furt am Main, Germany (hereinafter referred to as the "Global Coordinator and Bookrunner"). Neither the
delivery of this Prospectus nor any offering, sale or delivery of any Notes made hereunder shall, under any cir-
cumstances, create any implication (i) that the information in this Prospectus is correct as of any time subsequent
to the date hereof or, as the case may be, subsequent to the date on which this Prospectus has been most recently
amended, or supplemented, or (ii) that there has been no adverse change in the affairs or the financial situation of
the Issuer which is material in the context of the issue and sale of the Notes since the date of this Prospectus or,
as the case may be, the date on which this Prospectus has been most recently supplemented, or the balance sheet
date of the most recent financial statements which are deemed to be incorporated into this Prospectus by refer-
ence or (iii) that any other information supplied in connection with the issue of the Notes is correct at any time
subsequent to the date on which it is supplied or, if different, the date indicated in the document containing the
same. The Global Coordinator and Bookrunner expressly does not undertake to review the financial condition or
affairs of the Issuer during the term of the Notes or to advise any investor in the Notes of any information com-
ing to its attention.
Neither the Global Coordinator and Bookrunner nor any other person mentioned in this Prospectus, except for
the Issuer, is responsible for the information contained in this Prospectus or any other document incorporated
herein by reference, and accordingly, and to the extent permitted by the laws of any relevant jurisdiction, none of
these persons makes any representation, warranty or undertaking express or implied and none of these persons
accepts any responsibility for the accuracy and completeness of the information contained in any of these docu-
ments. The Global Coordinator and Bookrunner has not independently verified any such information and accepts
no responsibility for the accuracy thereof.
The Notes are not suitable for all kinds of investors. Each investor contemplating purchasing any Notes should
make its own independent investigation of the financial condition and affairs, and its own appraisal of the cre-
ditworthiness of the Issuer. Neither this Prospectus nor any other information supplied in connection with the
Notes should be considered as a recommendation by the Issuer or the Global Coordinator and Bookrunner to a
recipient hereof and thereof that such recipient should purchase any Notes.
This Prospectus does not constitute, and may not be used for the purposes of, an offer or solicitation by any-one
in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it is unlawful to
make such offer or solicitation.
The Issuer and the Global Coordinator and Bookrunner do not represent that this Prospectus may be lawfully
distributed or that the Notes may be lawfully offered, in compliance with any applicable registration or other
requirements in any such jurisdiction other than Germany and Luxembourg or pursuant to an exemption availa-
ble thereunder. They do not assume any responsibility for facilitating any such distribution or offering. In partic-
ular, no action has been taken by the Issuer or the Global Coordinator and Bookrunner in any jurisdiction where
action for that purpose is required.
The offer, sale and delivery of the Notes and the distribution of this Prospectus in certain jurisdictions are
restricted by law. Persons into whose possession this Prospectus comes are required by the Issuer and the
Global Coordinator and Bookrunner to inform themselves about and to observe any such restrictions. In
particular, the Notes have not been and will not be registered under the U.S. Securities Act and are sub-
ject to U.S. tax law requirements. Subject to certain limited exceptions, the Notes may not be offered, sold
or delivered in or into the United States or to U.S. persons. For a further description of certain restrictions
on offerings and sales of the Notes and distribution of this Prospectus (or of any part thereof) cf. "Offer
and Sale of the Notes ­ Selling Restrictions".
ii


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iii


TABLE OF CONTENTS
1
SUMMARY................................................................................................................................................. 1
Section A - Introduction and warnings.........................................................................................................1
Section B ­ Issuer.........................................................................................................................................2
Section C - Securities ...................................................................................................................................9
Section D - Risks ........................................................................................................................................10
Section E ­ Offer ........................................................................................................................................14
2
ZUSAMMENFASSUNG.......................................................................................................................... 17
Abschnitt A - Einleitung und Warnhinweise..............................................................................................17
Abschnitt B - Die Emittentin ......................................................................................................................18
Abschnitt C ­ Wertpapiere .........................................................................................................................25
Abschnitt D ­ Risiken ................................................................................................................................27
Abschnitt E ­ Angebot ...............................................................................................................................31
3
RISK FACTORS ...................................................................................................................................... 35
3.1
Risks relating to the industry and markets in which the Group operates.........................................35
3.2
Risks relating to the Groups' business ............................................................................................39
3.3
Legal, Regulatory and Tax Risks ....................................................................................................47
3.4
Risks relating to the Group's shareholder structure ........................................................................50
3.5
Risks relating to the Notes...............................................................................................................50
4
DOCUMENTS INCORPORATED BY REFERENCE ........................................................................ 54
5
GENERAL INFORMATION.................................................................................................................. 55
5.1
Subject Matter of this Prospectus ....................................................................................................55
5.2
Authorisation for the Issue of the Notes..........................................................................................55
5.3
Clearing ...........................................................................................................................................55
5.4
Inclusion to Trading ........................................................................................................................55
5.5
Principal Paying Agent....................................................................................................................55
5.6
Reasons for the Offer, Expenses of the Issue and Use of Proceeds.................................................55
5.7
Documents Available for Inspection ...............................................................................................56
5.8
Forward-looking Statements ...........................................................................................................56
5.9
Numerical and Currency Information .............................................................................................57
5.10 Industry and Market Information ....................................................................................................57
5.11 Further Information on the Use of this Prospectus by Financial Intermediaries .............................58
5.12 Interested Parties .............................................................................................................................59
5.13 No incorporation by reference of website .......................................................................................59
6
GENERAL DESCRIPTION OF THE ISSUER .................................................................................... 60
6.1
Formation, Business Name, Registered Office, Financial Year, Duration and Term of the Issuer .60
6.2
Corporate object of the Issuer .........................................................................................................60
6.3
Share capital and shareholder structure...........................................................................................60
6.4
Auditors...........................................................................................................................................61
iv


6.5
Rating ..............................................................................................................................................61
6.6
Group Structure...............................................................................................................................61
6.7
History and Milestones in the Development of the Group ..............................................................62
7
ADMINISTRATIVE, MANAGEMENT AND SUPERVISORY BODIES OF THE ISSUER .......... 63
7.1
Board of Managing Directors..........................................................................................................63
7.2
Executive Management ...................................................................................................................63
7.3
Potential Conflicts of Interest..........................................................................................................64
7.4
General Meeting..............................................................................................................................64
7.5
Corporate Governance.....................................................................................................................65
8
BUSINESS OF THE ISSUER ................................................................................................................. 66
8.1
Overview.........................................................................................................................................66
8.2
Competitive Strengths .....................................................................................................................67
8.3
Strategy ...........................................................................................................................................70
8.4
Business of the Group by Division..................................................................................................71
8.5
Business of R-LOGITECH by Region ............................................................................................77
8.6
Market and Competition..................................................................................................................77
8.7
Employees .......................................................................................................................................83
8.8
Investments .....................................................................................................................................84
8.9
Material Contracts ...........................................................................................................................84
8.10 Legal Proceedings ...........................................................................................................................85
8.11 Regulatory Environment .................................................................................................................86
9
SELECTED FINANCIAL INFORMATION......................................................................................... 91
10
TERMS AND CONDITIONS OF THE NOTES ................................................................................... 95
11
OVERVIEW OF RULES REGARDING RESOLUTIONS OF NOTEHOLDERS ......................... 113
11.1 Specific Rules regarding Votes without Meeting..........................................................................113
11.2 Rules regarding Noteholders' Meetings applicable to Votes without Meeting .............................113
12
OFFER; SUBSCRIPTION AND SALE OF THE NOTES ................................................................. 114
12.1 The Offer.......................................................................................................................................114
12.2 Envisaged Timetable .....................................................................................................................114
12.3 The Public Offer............................................................................................................................115
12.4 The Private Placement...................................................................................................................115
12.5 Offer Period...................................................................................................................................115
12.6 Allocation and publication of result ..............................................................................................115
12.7 Delivery and settlement.................................................................................................................116
12.8 Issue price, Term, Interest, Repayment and Yield ........................................................................116
12.9 Issue, Number of Notes to be issued and Result of the Public Offer and the Private Placement ..116
12.10 Costs of the Investors in Connection with the Offer .....................................................................117
12.11 Selling Restrictions .......................................................................................................................117
13
TAXATION ............................................................................................................................................ 119
13.1 Taxation of Noteholders in Germany ............................................................................................119
v


13.2 Taxation of Noteholders in Luxembourg ......................................................................................123
13.3 Taxation for the Issuer under the laws of the Principality of Monaco...........................................126
14
GLOSSARY OF SELECTED TERMS USED IN THIS PROSPECTUS.......................................... 127
15
RECENT DEVELOPMENTS AND PROSPECTS ............................................................................. 129
vi


1
SUMMARY
Summaries are made up of disclosure requirements known as `Elements'. These elements are numbered in Sections A ­
E (A.1 ­ E.7).
This Summary contains all the Elements required to be included in a Summary for this type of Securities and Issuer.
Because some Elements are not required to be addressed, there may be Gaps in the numbering sequence of the Ele-
ments.
Even though an Element may be required to be inserted in the Summary because of the type of Securities and Issuer, it
is possible that no relevant information can be given regarding the Element. In this case a short description of the Ele-
ment is included in the Summary with the mention of `not applicable'.
Section A - Introduction and warnings
A.1
Warnings.
This summary should be read as an introduction to this prospectus (the "Prospec-
tus").
Any decision to invest in the securities should be based on consideration of this Pro-
spectus as a whole by the investor.
Where a claim relating to the information contained in this Prospectus is brought
before a court, the plaintiff investor might, under the national legislation of the Mem-
ber States of the European Union, have to bear the costs of translating the prospectus
before the legal proceedings are initiated.
Civil liability attaches only to those persons who have provided and submitted the
summary including any translation thereof, but only if the summary is misleading,
inaccurate or inconsistent when read together with the other parts of the prospectus or
it does not provide, when read together with the other parts of the prospectus, key
information in order to aid investors when considering whether to invest in such
securities.
A.2
Information regard-
R-LOGITECH S.A.R.L., having its registered office in Monaco (the "Issuer" and
ing the subsequent
together with its consolidated entities the "Group"), has given its explicit consent to
use of the prospec-
the use of this Prospectus including any supplements thereto to FinTech Group Bank
tus.
AG, Rotfeder-Ring 7, 60327 Frankfurt am Main, Federal Republic of Germany (the
"Global Coordinator and Bookrunner"), GBR Financial Services GmbH, Börse-
gasse 12, 1010 Vienna, Republic of Austria ("GBR") and STX Fixed Income B.V.,
Vijzelstraat 79, 1017 HG Amsterdam, the Netherlands ("STX") (GBR and STX
hereinafter referred to as the "Selling Agents") within the proposed offer period for
the public offering which is expected to commence on 16 March 2018 and to close on
27 March 2018 in the Federal Republic of Germany ("Germany") and the Grand
Duchy of Luxembourg ("Luxembourg"). The Issuer declares in this context that it
will assume liability for the content of the Prospectus also in case of a subsequent
resale or final placement of the securities. The consent is not subject to any further
conditions.
Should the Issuer grant its consent to other financial intermediaries to use this Pro-
spectus, it will publish such information immediately on its website (www.r-
logitech.com) as well as on all other websites where this Prospectus has been pub-
lished with its consent during the term of the public offer, in particular on the website
of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) (www.boerse-
frankfurt.de) and on the website of the Luxembourg Stock Exchange (Société de la
Bourse de Luxembourg) (www.bourse.lu).
In the event of an offer being made by a financial intermediary, such financial
intermediary shall provide information to investors on the terms and conditions
of the offer at the time of that offer.
1


Section B ­ Issuer
B.1
Legal and commer-
The Issuer's legal name is "R-LOGITECH S.A.R.L.". The Issuer primarily operates
cial name.
under the commercial name "R-LOGITECH" and also operates under additional
commercial names, as well as individual brands for its specific logistics and technol-
ogy services.
B.2
Domicile and legal
The Issuer has its registered office at 7, rue du Gabian ­ 98000 Monaco, Principality
form, legislation
of Monaco, and is registered with the commercial register (Registre du Commerce et
under which the
de l` Industrie (RCI)) of the Principality of Monaco, under registration number
issuer operates and
15S06815. The Issuer is a private limited company (société à responsabilité limitée)
its country of incor-
incorporated under and governed by the laws of the Principality of Monaco.
poration
B.4b
Known trends af-
Market trends:
fecting the issuer
The following factors had and still have a significant impact on the growth of the
and the industries in logistics industry globally and more specifically on the African continent:
which it operates.
According to the latest International Monetary Fund ("IMF") survey, global econom-
ic growth will reach 3.5% in 2017, as compared to 3.2% in 2016 (IMF, World Eco-
nomic Outlook, July 2016; IMF, World Economic Outlook Update, July 2017). Ac-
cording to the IMF, the volume of global trade will increase by 4.0% in 2017 com-
pared to 2.3% in 2016. The transport and logistic market particularly in Africa is
currently being driven by disruptive global trends such as urbanization and a catch-up
pace for industrialization of the African economy. Africa is said to be the epicentre of
urbanization as the fastest urbanizing region in the decades to come with a projected
49% share of Africa's population being urban in 2035 (1990: one third) (source: UN
Economic Commission for Africa 2017, Urbanization and Industrialization for Afri-
ca's Transformation, Economic Report on Africa 2017).
Due to global trends such as globalization, urbanization and industrialization, Afri-
ca's transformation process and growth resilience is projected to maintain. According
to the Organisation for Economic Co-operation and Development ("OECD"), in
2017 and 2018, Africa will benefit from commodity prices which started to rise in the
latter part of 2016, increasing private demand including in domestic markets, sound
macroeconomic policy management now entrenched in many countries, a generally
improving and favourable business environment, and a more diversified economic
structure, particularly towards the services sector and light manufacturing.
Recent business development:
Following its formation on 17 October 2017, R-LOGISTIC SAS (société par actions
simplifiée), a wholly-owned subsidiary of the Issuer, having its registered office at 8
rue La Boétie ­ 75008, Paris, France ("R-LOGISTIC"), has acquired several Afri-
can based entities of former competitor Necotrans Group by way of several adminis-
trative orders (Ordonnances) ruled by the French commercial court in Paris (Tribunal
de commerce de Paris). In addition, in November 2017, SML Southern & Mediterra-
nean Logistics, was established as a wholly-owned subsidiary of the Issuer in Austria
.
The combined R-LOGISTIC business is anticipated to provide operational synergies,
in particular in the areas of (i) network, (ii) personnel, (iii) administrative, (iv) termi-
nals, (v) inland and (vi) equipment. In addition to strategic and operational ad-
vantages, the Group also expects the integration of said combination of business to
lead to financial benefits for the Group. Despite the unpredictable global environ-
ment, the Group expects to realise further growth in 2018 and expects revenues to
increase to approximately EUR 100 ­ 120 million and expects earnings with an EBT
(earnings before taxes) of approximately EUR 15 million in 2018 as the R-
LOGISTIC activities will be included in the consolidated financial statements for the
financial year 2018. The other sources of growth are the further integration of the
2


activities and the realization of synergies within the Group. The Group's main strate-
gic goals for 2018 include an increase number of ports/terminals exceeding ten
ports/terminals, an increase of airport terminals of up to six as well as further growth
in the maintenance business of the Group's Technology division.
B.5
Description of the
The following structure chart shows the group structure of the Group with its
group and the issu-
major subsidiaries:
er's position within
the group.
MONACO RESOURCES
GROUP S.A.M. (MC)
99.9%
R-LOGITECH S.A.R.L.
(MC)
R-LOGISTIC SAS
100%
(FR)
R-LOGISTIC TERMINALS
R-LOGISTIC ALGERIE
SOUTHERN &
R-LOGITECH LTD
100%
100%
100%
100%
PVE LTD (MU)
E.U.R.L. (AL)
MEDITERRANEAN
(UK)
LOGISTICS S.A.M. (MC)
DAKAR OIL BASE
R-LOGISTIC TOGO S.A.
100%
99%
99%
TECHNIPIPE SOLUTIONS
50%
(SN)
(TG)
SOUTHERN &
S.A.S. (FR)
65%
MEDITERRANEAN
COREX S.A.R.L
60%
CITRACO S.A.R.L.
LOGISTICS GMBH (AT)
TECHNIPIPE S.A.S.
92%
(GA)
(TG)
(FR)
HPG S.A.
R-LOGISTIC BURKINA
NECTAR HOLDINGS LTD
39%
70%
30%
(UK)
60%
ICS PROCUREMENT
(GA)
FASO S.A. (BF)
*Majority of board seats
SOLUTIONS S.A.M. (MC)
option to increase to 52%
TERMINAL POLYVALENT
R-LOGISTIC BENIN S.A.
DE KRIBI S.A. (CM)
60%
99,80%
ICS ALGERIE S.A.R.L.
(BJ)
49%
(DZ)
R-LOGISTIC NIGER S.A.
100%
(NE)
ICS TRANSMINE S.A.
19%
51%
(NE)
R-LOGISTIC MALI S.A.
100%
(ML)
NECOTRANS ASIA LTD
50%
R-LOGISTIC AFRICA PVE
100%
LDT (MU)
NECOTRANS KOREA LTD
R-LOGISTIC GABON S.A.
66,67%
(KR)
99%
(GA)
NECOTRANS MYANMAR
R-LOGISTIC COTE
70%
(MM)
100%
D'IVOIRE S.A. (CI)
R-LOGISTIC RDC S.A.R.L
99%
(CD)
B.9
Profit forecast or Not applicable; no profit forecast has been made.
estimate.
B.10
Qualifications in
Not applicable; there are no qualifications in the audit reports on the historical financial
the audit report
information.
on the historical
financial infor-
mation.
B.12
Selected material The following tables present selected consolidated financial information of the Issuer
historical finan-
which has been taken from the audited consolidated financial statements of the Issuer
cial information
for the financial years ended 31 December 2017 and 2016 (the "Group Financial
Statements").
The Group Financial Statements were prepared in accordance with International Finan-
cial Reporting Standards ("IFRS") as adopted by the European Union ("EU").
The selected financial information presented below should be read, in particular, in
3