Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers A > Headlines for Adler Real Estate AG > News item |
Adler begins subscription period for €3.75 million 6% convertibles
By Angela McDaniels
Tacoma, Wash., Dec. 10 - Adler Real Estate AG said the subscription period for its 6% convertible bonds due 2018 has started and will end Dec. 23.
The subscription period began Tuesday following the approval of the prospectus required for the rights offer.
As previously reported, the company plans to issue up to €11.25 million of the convertibles.
Placement agreements for €7.5 million of convertibles have already concluded with two investors. The company plans to issue up to €3.75 million more.
The issue price is €3.75 per note, and each note is convertible into one share.
The company announced plans for the convertibles on Oct. 28. Based on a closing share price of €3.30 (ETR: ADL) on Oct. 25, the conversion premium is 13.64%.
Shareholders as well as holders of the company's €10 million 6% convertible bonds due 2017, which have a face value of €2.00 each, can purchase six new convertible notes for every 43 shares or notes held.
Close Brothers Seydler AG is the bookrunner.
Proceeds will be used to finance growth, in particular to further develop the company's residential real estate portfolio in Germany.
Adler is a Hamburg, Germany-based real estate company.
© 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.