Austria’s ÖVAG to redeem fixed-to-floating preferreds at par on March 22

By Susanna Moon

Chicago, Jan. 30 – immigon portfolioabbau ag, formerly Osterreichische Volksbanken-AG, said subsidiary OVAG Finance (Jersey) Ltd. plans to redeem the fixed-to-floating rate non-cumulative non-voting preferred securities.

immigon announced on Jan. 9 that it plans to terminate by mutual consent and to redeem at par two supplementary capital issues with no maturity of its subsidiaries OVAG and Investkredit Funding Ltd., according to a notice on Tuesday.

The repayment date is expected to be March 22.

The subsidiaries subscribed to the issues from “proceeds of their respective hybrid capital issues and still hold in order to allow that the securities issued by ÖVAG Finance (fixed-to-floaters) and Investkredit Funding Ltd. be terminated and redeemed at par by the respective issuer,” the notice said.

immigon is based in Vienna, Austria, and does not have significant operations. Previously, it was involved in financing, factoring, leasing and real estate businesses.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.