By Susanna Moon
Chicago, Dec. 27 - Adler Real Estate AG said it placed €11.25 million of 6% five-year convertible bonds on Friday. The deal was announced on Oct. 28.
The company issued 3 million convertible bonds at a price of €3.75 each, which is a 13.64% premium to the company's closing share price of €3.30 on Oct. 25.
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.
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, could purchase six new convertible notes for every 43 shares or notes held.
The company said on Dec. 10 that the subscription period for the new convertibles had started and would end Dec. 23.
Adler is a Hamburg, Germany-based real estate company.
| Issuer: | Adler Real Estate AG
|
| Issue: | Convertible bonds
|
| Amount: | €11.25 million
|
| Maturity: | 2018
|
| Coupon: | 6%
|
| Conversion premium: | 13.64%
|
| Announcement date: | Oct. 28
|
| Settlement date: | Dec. 27
|
| Stock ticker: | ETR: ADL
|
| Stock price: | €3.30 at close Oct. 25
|
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