By Kenneth Lim
Boston, Feb. 13 - Germany's IVG Immobilien AG priced €400 million of 10-year convertible bonds within talk on Tuesday, at a coupon of 1.75% and an initial conversion premium of 30%.
The convertibles were offered at par and talked at a coupon of 1.5% to 2% and an initial conversion premium of 27% to 32%.
Dresdner Kleinwort and JP Morgan were the bookrunners of the Regulation S offering.
The convertibles are non-callable for the first five years, after which they may be called subject to a hurdle at 140% of the conversion price. They may be put in the fifth year.
IVG, a Bonn, Germany-based real estate investment company that focuses on office buildings in European cities, said the proceeds of the deal will be used to finance further growth and acquisition opportunities.
| Issuer: | IVG Immobilien AG
|
| Issue: | Convertible bonds
|
| Bookrunners: | Dresdner Kleinwort and JP Morgan
|
| Amount: | €400 million
|
| Maturity: | 2017
|
| Coupon: | 1.75%
|
| Price: | Par
|
| Yield: | 1.75%
|
| Conversion premium: | 30%
|
| Conversion price: | €46.22
|
| Call protection: | Non-callable for five years, thereafter callable subject to 140% hurdle
|
| Puts: | Year five
|
| Price talk: | 1.5%-2%, up 27%-32%
|
| Pricing date: | Feb. 13
|
| Distribution: | Regulation S
|
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