By Rebecca Melvin
New York, May 7 - TAG Immobilien AG priced more than €30 million of five-year convertible bonds at par of €100 to yield 6.375%, according to a news release.
Close Brothers Seydler Bank AG, Frankfurt am Main, was the bookrunner of the transaction, which was sold under Regulation S to existing shareholders and institutional investors.
The issue was "significantly oversubscribed," according to the release.
Proceeds will be used to strengthen the company's liquidity and fund growth.
The bonds will be listed for trade on the Open Market of the Frankfurt Stock Exchange.
Trading and the delivery of the bonds are expected to start on May 13.
Hamburg, Germany-based TAG Immobilien is a real estate management and development company.
| Issuer: | TAG Immobilien AG
|
| Issue: | Convertible bonds
|
| Amount: | More than €30 million
|
| Maturity: | 2015
|
| Bookrunner: | Close Brothers Sevdler Bank AG
|
| Coupon: | 6.375%
|
| Price: | Par, €100
|
| Yield: | 6.375%
|
| Pricing date: | May 6
|
| Settlement date: | May 13
|
| Distribution: | Regulation S
|
| Stock listing: | Frankfurt: TEG
|
| Stock reference price: | €4.30
|
| Market capitalization: | €154.6 million
|
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