By Stephanie N. Rotondo
Seattle, Sept. 26 – Deutsche Wohnen SE wrapped an €800 million sale of 0.6% convertible bonds due January 2026, the company said in a press release on Tuesday.
The deal will carry an initial conversion premium of 40%.
The yield came at the cheap end of the 0.1% to 0.6% price talk as well as the cheap end of the 40% to 45% premium talk.
Conversions will be settled in cash or ordinary shares.
The initial conversion price will be based on a reference share price equal to the average of the daily volume weighted average price of the company’s stock on Tuesday and Wednesday.
The convertibles become redeemable on Jan. 27, 2023, if the stock hits a 130% price hurdle.
BNP Paribas, Deutsche Bank AG, Goldman Sachs International and UBS were joint global coordinators and joint bookrunners.
Proceeds will be used to finance a tender offer for the company’s outstanding convertible debt due September 2021 as well as for general corporate purposes.
Deutsche Wohnen is a residential property company with offices in Frankfurt and Berlin.
| Issuer: | Deutsche Wohnen SE
|
| Securities: | Convertible bonds
|
| Amount: | €800 million
|
| Maturity: | Jan. 27, 2026
|
| Coupon: | 0.6%
|
| Price: | Par of €100,000
|
| Yield: | 0.6%
|
| Initial conversion premium: | 40%
|
| Provisional call: | On or after Jan. 27, 2023 if the stock hits a 130% price hurdle
|
| Bookrunners: | BNP Paribas, Deutsche Bank AG, Goldman Sachs International and UBS
|
| Pricing date: | Sept. 26
|
| Settlement date: | Oct. 4
|
| Talk: | 0.1%-0.6%, up 40%-45%
|
| Stock symbol: | XETRA: DWNI
|
| Stock price: | €36.455 as of Sept. 26 close
|
| Market capitalization: | €12.93 billion
|
| Distribution: | Regulation S
|
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