IMMOFINANZ AG (“IMMOFINANZ”) announces the successful placement of 8.5 million ordinary shares in BUWOG AG (the “Company”). The deal size was increased from the initially envisaged transaction size of approx. 5 million shares following demand in the bookbuilding. The placing shares represent approx. 8.5% of the company's issued share capital. The selling price was equal to €17.625 per share, in line with today’s closing price of the shares, generating total gross proceeds to IMMOFINANZ of approx. €150 mln. The transaction is expected to settle on 17 September, 2015.
IMMOFINANZ will use the proceeds of the placement to partially fund the payment to bond holders who have accepted the cash option of the exchange offer for IMMOFINANZ’s €375 mln bonds exchangeable into shares of the company and who have elected to receive cash pursuant to such offer. The remainder of the exchange offer will be funded by available liquidity by IMMOFINANZ.
IMMOFINANZ will accept the offers made by the holders of 99.8% of the aggregate nominal amount of IMMOFINANZ’s €375 mln bonds exchangeable into BUWOG shares (the “bonds”) in the incentivised exchange offer launched on 1 September 2015 and hereby waives the condition that all company shares underlying the bonds offered for acceptance under the cash option will be sold in an accelerated book building. The settlement of the incentive offer (payment of the cash consideration and/or incentive premium and delivery of the shares underlying the bonds where applicable) is expected to take place on 18 September, 2015.
Resource: IMMOFINANZ
