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Eurocastle Investment €75 million perpetual convertible preferreds yield 20%
By Rebecca Melvin
New York, June 24 - Eurocastle Investment Ltd. placed €75 million of 20% perpetual subordinated convertible securities, according to a Wednesday release.
Proceeds from the Regulation S convertibles were earmarked to retire part of a corporate loan.
Lazard & Co. was financial adviser and placement agent for the issue, which was originally announced May 28.
As reported previously, the company's offering is non-callable for two years but redeemable by the issuer after that point at a premium of 20%. No interest was to be paid out until the corporate loan facility was paid off in full.
The securities are convertible at the holders' option at a conversion price of €30, which represents a 6% premium to the volume weighted average trading price for the company's ordinary shares for 10 trading days prior to the announcement of a potential capital raise on April 30.
Eurocastle common shares are listed on the Frankfurt Stock Exchange under symbol EUI1 and on Euronext Amsterdam under symbol ECT.
Eurocastle is a St. Peter Port, Guernsey, investment company that owns and manages German commercial real estate assets.
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