By Rebecca Melvin
New York, Jan. 20 - Immobilien Invest SE priced €131 million of six-year convertible bonds at par of €100,000 on Wednesday - having launched earlier in the day - to yield 5.25% with an initial conversion premium of 32.5%, according to a news release.
The Regulation S deal priced at the midpoint of talk, which was for a coupon of 4.75% to 5.75% and an initial conversion premium of 30% to 35%.
Barclays Capital, Credit Suisse and JPMorgan were joint bookrunners of the bonds, with Raiffeisen Centrobank acting as co-lead manager.
The bookrunners were granted an over-allotment option for up to an additional €19 million of bonds.
Holders can redeem their bonds for their principal plus accrued interest after four years.
Proceeds are earmarked for general corporate purposes.
Due to limited investor interest, the issuer decided not to repurchase any of its 1.5% convertible bonds due 2014. Originally, the issuer considered repurchasing up to €35 million of those bonds at a price of up to 93% of the principal amount plus accrued interest.
Closing and settlement of the offering is set for Feb. 1.
Immobilien Invest is a Vienna, Austria-based real estate management and development firm. Its shares are listed on the Vienna Stock Exchange.
| Issuer: | Immobilien Invest SE
|
| Issue: | Convertible bonds
|
| Amount: | €131 million
|
| Greenshoe: | €19 million
|
| Maturity: | 2016
|
| Coupon: | 5.25%
|
| Price: | Par, €100,000
|
| Yield: | 5.25%
|
| Conversion premium: | 32.5%
|
| Conversion price: | €12.06
|
| Price talk: | 4.75%-5.75%, up 30%-35%
|
| Bookrunners: | Barclays Capital, Credit Suisse, JPMorgan
|
| Co-lead manager: | Raiffeisen Centrobank
|
| Pricing date: | Jan. 20
|
| Settlement date: | Feb. 1
|
| Distribution: | Regulation S
|
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