CA Immobilien plans €200 million sale of 7.5-year convertible bonds; price talk 0.5%-1%, up 25%-30%

By Stephanie N. Rotondo

Seattle, Sept. 26 – CA Immobilien Anlagen AG is offering €200 million of 7.5-year senior unsecured convertible bonds, the company said in a press release on Tuesday.

Price talk is for a 0.5% to 1% yield and an initial conversion premium of 25% to 30%.

Pricing is expected later on Tuesday.

Conversions will be settled in cash, ordinary shares, or both, at the company’s option.

The bonds are callable after Oct. 25, 2022 if the stock hits a 150% price hurdle, or if less than 20% of the principal amount of the bonds remains outstanding.

Proceeds are “partly earmarked for the early repayment of project-financed bank loans in CEE, irrespective of them being due for repayment or not, or rather for the substitution of planned bank financings,” the company said. “The repayment may also involve existing financing agreements between the joint bookrunners and the company. Remaining net proceeds will be used for other general corporate purposes.”

CA Immobilien is a Vienna, Austria-based real estate company.

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