Wereldhave may redeem €230 million 2.875% convertible due 2015

By Susanna Moon

Chicago, Nov. 25 - Wereldhave NV said it will repurchase its €230 million of outstanding 2.875% convertible bonds due 2015 by way of an open-market repurchase and a possible tender offer.

Funding for the repurchases will come from an issue of new €200 million convertible bonds, which may be upsized to €220 million, according to a company press release.

The company said it will conduct a reverse bookbuilding Monday, which was set to close at 11 a.m. ET.

If any bonds are repurchased, the price will be 103.5 plus accrued interest to the settlement date of Dec. 5.

If the company decides to go ahead with a tender offer, the plans will be announced on Nov. 25 and the tender offer will run for four trading days, the press release noted.

Any outstanding bonds may be subject to a cleanup call. The bond terms allow the company to call the bonds if the outstanding aggregate amount of the bonds is 20% or less of the issued amount, the company noted. The price would be par plus accrued interest.

For information holders may contact ABN Amro Bank NV (+31 20 628 8044, attn.: head of ECM syndicate, Chris van Eeghen, e-mail chris.van.eeghen@nl.abnamro.com), Barclays Bank plc (+44 207 773 8990, attn: liability management, e-mail eu.lm@barclays.com) or UBS Ltd. (+44 (0)20 7567 0525, attn: liability management group, e-mail mark-t.watkins@ubs.com).

Wereldhave is a closed-end real estate investment company located in the Hague, the Netherlands.

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