Vonovia gives final results, pricing of capped tender offer for eight series of notes

By Marisa Wong

Los Angeles, Nov. 23 – Vonovia SE and Vonovia Finance BV announced the final results and pricing of its Nov. 15 tender offer for eight series of notes.

As announced on Nov. 16, the issuers set the combined maximum acceptance amount at €2 billion.

The issuers have decided to accept tenders totaling €1,044,700,000, according to a notice on Wednesday.

Vonovia Finance has accepted the following:

• €96.6 million of the €500 million 0.125% notes due April 6, 2023 (ISIN: DE000A2R8NC5) at 99.05;

• €108.4 million of the €500 million 0.875% notes due July 3, 2023 (ISIN: DE000A192ZH7) at 98.65;

• €123.2 million of the €1 billion 2.25% notes due Dec. 15, 2023 (ISIN: DE000A18V146) at 98.824, with pricing calculated using the December 2023 interpolated mid-swap rate and a fixed spread of 60 basis points;

• €126.8 million of the €500 million 0.75% notes due Jan. 15, 2024 (ISIN: DE000A19UR61) at 97.017, with pricing calculated using the January 2024 interpolated mid-swap rate and a fixed spread of 65 bps;

• €110.3 million of the €500 million 1.625% notes due April 7, 2024 (ISIN: DE000A28VQC4) at 97.5, with pricing calculated using the April 2024 interpolated mid-swap rate and a fixed spread of 70 bps; and

• €109.6 million of the €1 billion 1.25% notes due Dec. 6, 2024 (ISIN: DE000A189ZX0) at 95.329, with pricing calculated using the December 2024 interpolated mid-swap rate and a fixed spread of 80 bps.

Vonovia SE has accepted for purchase the following:

• €148.1 million of the €500 million 0% notes due Sept. 1, 2023 (ISIN: DE000A3MP4S3) at 97.55; and

• €221.7 million of the €500 million 0% notes due Sept. 16, 2024 (ISIN: DE000A3E5MF0) at 93.775, with pricing calculated using the September 2024 interpolated mid-swap rate and a fixed spread of 75 bps.

The issuers will pay accrued interest on tendered notes accepted for purchase.

The tender offer’s financing condition has been met as of Nov. 23, the company said.

The offers expired at 11 a.m. ET on Nov. 22.

Pricing took place around 5 a.m. ET on Nov. 23.

Settlement is slated for Nov. 24.

BofA Securities Europe SA (+33 1 87 70 10 57; DG.LM-EMEA@bofa.com), Deutsche Bank AG (+44 20 7545 8011), Goldman Sachs Bank Europe SE (+44 20 7774 4836; liabilitymanagement.eu@gs.com) and Morgan Stanley Europe SE (+44 20 7677 5040; liabilitymanagementeurope@morganstanley.com) are dealer managers for the tender offer.

Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Jacek Kusion / Arlind Bytyqi; vonovia@is.kroll.com; https://deals.is.kroll.com/vonovia) is the tender agent.

Vonovia is a real estate company based in Bochum, Germany.

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