TAG Immobilien tenders for €120 million of three convertible series

By Susanna Moon

Chicago, July 29 - TAG Immobilien AG said it began a tender offer to purchase up to €120 million of three series of convertible notes.

Funding for the offer will come from proceeds of an issue of up to €200 million five-year corporate bonds, according to a company press release.

The following bonds are covered by the offer:

• €29,945,100 of outstanding €30 million 6.375% convertible notes due May 2015;

• €66,598,764 of outstanding €66.6 million 6.5% convertible notes due December 2015; and

• €85.3 million of outstanding 5.5% convertible notes due June 2019.

Pricing will be set after the offer ends with a minimum repurchase price of €177.86 per €100.00 of 6.375% convertibles, €10.23 per €7.40 of 6.5% convertibles and €127,490.74 per €100,000 5.5% convertibles.

The offer will end at noon ET on July 30, with settlement set for Aug. 7.

TAG Immobilien is a Hamburg, Germany, property investment company.

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