Immofinanz announces the launch of an invitation to the holders of its €515.1m, 4.25% senior unsecured convertible bonds due 2018, ISIN XS0592528870 to convert such Outstanding Bonds into ordinary shares of Immofinanz and into ordinary shares of BUWOG AG. Due to the positive development of the price of the Shares, the convertible bonds are currently significantly "in the money" and entitle the Bondholders to convert each bond in the nominal value of €4.12 to 1.241 Shares and 0.0653 BUWOG Shares. The convertible bond is due on 8 March 2018. The right to convert to Shares and BUWOG Shares can be exercised until 26 February 2018.
For legal reasons, this Conversion Invitation is addressed only to institutional investors and not to retail investors. It is made on the terms and subject to the conditions set forth in the incentive offer memorandum dated 20 September 2017 as prepared by the Company.The Conversion Invitation is intended to allow Immofinanz to further optimize its capital and financing structure.
The Conversion Invitation begins on 20 September 2017, 7.00 pm CET and expires on 27 September 2017 at 7.00 pm CET, unless amended.
Upon acceptance of conversion offers relating to the Conversion Invitation by the Company, Bondholders will receive (to the respective extent Outstanding Bonds were accepted for conversion):
(i) the number of Shares and BUWOG Shares to which they are entitled pursuant to the Terms and Conditions of the Outstanding Bonds, plus
(ii) the incentive premium, which shall equal €0.206 per Outstanding Bond.
It is noted that in case of a conversion after the Expiry Date of the Conversion Invitation, the Bondholders will neither be entitled to an incentive premium nor to the final semi-annual coupon payment.
