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IMMOFINANZ advances €515M bond conversion, €297.2M notes placement

IMMOFINANZ AG said that it received acceptances amounting to 43.4% of the outstanding amount for the repurchase offer of its €515.1 million of 4.25% senior unsecured convertible bonds due 2018.

Bondholders were given the option of converting the bonds into ordinary shares of the company and of its BUWOG AG unit up until the Jan. 19 expiration of the conversion period.

A cash settlement for BUWOG shares was also given to bondholders, with the company offering 78.50 Euro cents and an incentive premium of about 20.60 cents per outstanding bond.

The company also set the final issuance volume of the 2% convertible bonds due 2024 at €297.2 million. IMMOFINANZ said in a release that a claw back related to the notes will not take place as the joint book runners will make the required adjustments.

Deutsche Bank London Branch and J.P. Morgan are the joint book runners for the issuance. IMMOFINANZ expects to close the issuance on or around Jan. 24.