TAG Immobilien to call 6.375% notes; conversion option starts Nov. 12

By Susanna Moon

Chicago, Oct. 18 - TAG Immobilien AG said it plans to call its 6.375% convertible bonds due May 2015 at par plus accrued interest through the redemption date of Dec. 2.

There is less than 20% of the par amount of the convertibles still outstanding, according to a company press release.

The bonds will be convertible from Nov. 12 to Dec. 2.

The company said it expects most holders to exercise their conversion option since the conversion price is €5.0263, which is below the company's current trading price.

TAG shares (ETR: TEG) closed at €8.52 per share on Oct. 17.

The €30 million of five-year convertibles were issued in May 2010.

TAG Immobilien is a Hamburg, Germany, property investment company.

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