By Rebecca Melvin
New York, April 7 - LEG Immobilien AG priced €300 million of 7.2-year convertible bonds at par to yield 0.5% with an initial conversion premium of 30%, according to a news release.
Pricing of the Regulation S offering came at the midpoint of 0.125% to 0.875% coupon talk and at the cheap end of 30% to 35% premium talk.
The initial conversion premium was set over the volume-weighted average price of shares on the Xetra exchange between launch and pricing on Monday.
Proceeds will be used to increase LEG's financial flexibility and support acceleration of LEG's growth strategy.
The company plans to list the bonds on the open market of the Frankfurt Stock Exchange no later than one month after the April 10 settlement.
LEG Immobilien owns and operates apartments in North Rhine Westphalia, Germany.
| Issuer: | LEG Immobilien AG
|
| Issue: | Convertible bonds
|
| Amount: | €300 million
|
| Maturity: | 2021
|
| Coupon: | 0.5%
|
| Price: | Par
|
| Yield: | 0.5%
|
| Conversion premium: | 30%
|
| Conversion price: | €62.39
|
| Price talk: | 0.125%-0.875%, up 30%-35%
|
| Pricing date: | April 7
|
| Settlement date: | April 10
|
| Stock symbol: | Germany: LEG
|
| Stock reference price: | €47.99
|
| Stock price: | €47.58
|
| Listing: | Xetra Stock Exchange
|
| Distribution: | Regulation S
|
| Market capitalization: | €2.55 billion
|
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