LEG Immobilien plans about €300 million 7.2-year convertibles to yield 0.125%-0.875%, up 30%-35%

By Rebecca Melvin

New York, April 7 - LEG Immobilien AG said it will price about €300 million of 7.2-year convertible bonds at par to yield 0.125% to 0.875% with an initial conversion premium of 30% to 35% over the volume-weighted average price of shares on the Xetra exchange between launch and pricing Monday, according to a news release.

Proceeds of the Regulation S offering will be used to increase LEG's financial flexibility and support acceleration of LEG's growth strategy.

The company planned to apply to list the bonds on the open market of the Frankfurt Stock Exchange no later than one month after the April 10 settlement of the issue.

LEG Immobilien owns and operates apartments in North Rhine Westphalia, Germany.

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