FC Schalke 04 Completes Early Repayment of 2021/2026 and 2022/2027 Corporate Bonds.

Roger Hampel

Image: FC Schalke 04

FC Schalke 04 has executed a significant restructuring of its debt portfolio following the successful placement of its sixth corporate bond, a €90 million issuance maturing in 2025/2030 (ISIN: DE000A460AT6). The placement on 26 November marks one of the club’s strongest capital-market operations to date and enables the early, full repayment of two outstanding bonds issued in 2021/2026 and 2022/2027.

The development reflects Schalke’s ongoing effort to stabilise and reconfigure its financial structure following periods of sporting volatility, declining revenues and restructuring costs in recent years.

€90 Million Bond Placement Enables Early Refinancing FC Schalke 04

According to the club, proceeds from the 2025/2030 issuance are allocated primarily to refinancing the two outstanding bonds:

• 2021/2026 (WKN: A3E5TK),

• 2022/2027 (WKN: A3MQS4).

Bondholders were offered an exchange option into the new issuance. Following the exchange process, the outstanding volumes were reduced to:

• €6.51 million remaining from the 2021/2026 bond,

• €15.11 million remaining from the 2022/2027 bond.

On 26 November 2025, Schalke formally exercised its right to call and redeem all remaining notes early, as permitted under §5(2) of the bond terms — effectively closing both instruments.

A Structured Move to Optimise Schalke’s Capital Position

For Schalke, the transaction is a pivotal step in consolidating its liabilities, reducing near-term refinancing risk and increasing mid-term planning security. The new 2025/2030 bond provides a longer maturity profile and renewed financial flexibility at a time when clubs outside the Bundesliga’s top tier face higher volatility in cash flows.

Christina Rühl-Hamers, Schalke board member responsible for finance, described the issuance as a key milestone in strengthening the club’s long-term financial position. She noted that the new bond allows Schalke to optimise its capital structure, including the repayment of senior secured liabilities, thereby lowering constraints tied to previous financing arrangements.