Gagfah plans €325 million five-year convertibles to yield 0.75%-1.5%, up 30%-35%

By Rebecca Melvin

New York, May 13 - Gagfah SA plans to price €325 million of five-year convertibles at par with a coupon of between 0.75% to 1.5% and an initial conversion premium of between 30% and 35%, according to a news release.

Proceeds of the Regulation S offering will be used to repay debt and for general corporate purposes.

Application is being made to list the bonds on the Frankfurt Stock Exchange.

Luxembourg-based Gagfah is an owner and operator of residential real estate in Germany.

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