Alstria launches €80 million five-year convertible bonds to yield 2.5%-3%, up 12.5%-17.5%

By Rebecca Melvin

New York, June 7 - Alstria Office REIT AG plans to price €80 million of five-year convertible bonds at par of €100,000 to yield between 2.5% and 3% with an initial conversion premium of 12.5% to 17.5%, according to a news release.

The Regulation S deal will be sold via BofA Merrill Lynch and JPMorgan as joint bookrunning managers with UniCredit Bank AG acting a co-bookrunner.

Pricing will be based on the volume weighted average price of shares between launch and pricing Friday, representing an accelerated bookbuilding period.

Proceeds are to be used for refinancing existing debt and general corporate purposes.

The bonds are expected to settle June 14 and to be listed on the Frankfurt Stock Exchange.

Hamburg-based Alstria is a real estate investment trust focused on office real estate in Germany.

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