Global real estate investment manager Cromwell Property Group priced an offering of €230 million of guaranteed convertible bonds due March 29, 2025.

The bonds will bear a fixed annual coupon rate of 2.5%, payable semiannually, and will be listed on the Singapore Exchange Securities Trading Ltd.

The bonds will be convertible into Cromwell stapled securities at A$1.177 per stapled security, reflecting a premium of 7.5% to the closing price of A$1.095 on March 21.

The issuer, Cromwell SPV Finance Pty. Ltd., will use the proceeds to repurchase as much as €150 million of its 2020 convertible bonds. It initially agreed to buy back €92.7 million of such bonds. The remaining funds will be used to repay other financial debt and for general corporate purposes.

Credit Suisse (Singapore) Ltd. and Goldman Sachs Australia Pty. Ltd. are the joint lead managers for the bond offering, which is expected to settle March 29.