By Susanna Moon
Chicago, Nov. 15 - GSW Immobilien AG said it placed €182.9 million of 2% convertible bonds due November 2019 with an initial conversion premium of 22.5% above the reference price of €29.555.
The bonds are convertible into about 5.1 million shares. The initial conversion price is €36.205.
Proceeds will be used for the financing of the acquisition of more property portfolios.
Deutsche Bank AG and Societe Generale Corporate & Investment Banking are the bookrunners and lead managers.
By issuing the convertibles, the company benefited from the favorable market environment for the financing of the company's future growth and has further diversified the funding sources and its investor base, according to a company press release.
GSW Immobilien is a Berlin-based residential real estate company.
| Issuer: | GSW Immobilien AS
|
| Issue: | Convertible bonds
|
| Amount: | €182.9 million
|
| Maturity: | November 2019
|
| Bookrunners: | Deutsche Bank AG and Societe Generale Corporate & Investment Banking
|
| Coupon: | 2%
|
| Conversion premium: | 22.5%
|
| Conversion price: | €36.205
|
| Conversion ratio: | Into 5.1 million shares
|
| Pricing date: | Nov. 15
|
| Stock symbol: | ETR: GIB
|
| Stock price: | €30.24, at close Nov. 14
|
| Market capitalization: | €1.49 billion
|
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