Banimmo to begin exchange offer for 5.15% bonds due 2015 on May 2

By Angela McDaniels

Tacoma, Wash., April 30 - Banimmo SA/NV announced an exchange offer for its 75,000 5.15% bonds due June 10, 2015.

The offer will begin May 2 and end May 17, according to a company news release.

Holders are being offered new 5.2% bonds due May 30, 2018. The exchange ratio is one new bond for each old bond exchanged.

The accrued interest since June 10, 2012 on the existing bonds that are tendered into the exchange offer will be paid on May 30.

The company said the terms of the new bonds are similar to the existing bonds except for the coupon and maturity, and the new bonds will not be accompanied by warrants.

The offer is not subject to any conditions.

The company said the commissions usually paid by the investors will be borne by the issuer.

ING is acting as adviser and global bookrunner. KBC, Bank Degroof and Petercam are co-lead managers.

Banimmo is a real estate company that buys buildings for redevelopment and then sells them. It has offices in Zaventem, Belgium, and in Paris.

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