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TAG Immobilien issues 2 corporate bonds worth €250M

TAG Immobilien AG issued two corporate bonds worth a combined €250 million through a private placement held for its institutional investors.

The 2018/2023 bond, which amounted to €125 million, has a yearly interest rate of 1.25% and will mature June 19, 2023, while the 2018/2025 1.75% bond will expire June 19, 2025. Both bonds will trade on the Frankfurt Stock Exchange's Open Market platform.

The German diversified developer will channel proceeds from the bond issuances toward repurchasing €125 million worth of its existing 2014/2020 corporate bonds, which carry an annual interest rate of 3.75% and will mature June 25, 2020. The remaining funds from the current issuances will be used for general corporate purposes, including refinancing short-term debt the company owes to banks.

UniCredit was the sole book runner for the issuances.