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CERHA HEMPEL advised CA Immobilien Anlagen AG

CERHA HEMPEL has advised stock exchange listed CA Immobilien Anlagen AG ("CA Immo") on its EUR 500 million benchmark bond issue. The bond issue was combined with a liability management transaction.

CERHA HEMPEL has advised stock exchange listed CA Immobilien Anlagen AG ("CA Immo") on its EUR 500 million benchmark bond issue. CA Immo has tapped the Eurobond market for the first time and successfully placed a EUR 500 million fixed rate senior unsecured bond with a 7-year maturity and an annual coupon of 0.875% on 28 January 2020. The bond trades on the Official Market of the Vienna Stock Exchange. The international rating agency Moody’s Investors Service Ltd. has assigned an investment grade rating of Baa2 to the bond. CA Immo's long term rating is also Baa2 with stable outlook.

The bond issue was combined with a liability management transaction, a simultaneous repurchase of outstanding bonds issued by CA Immo that were soon to mature: CA Immo invited the holders of outstanding 1.875% bonds due 2021 to submit offers for the repurchase of these bonds at a purchase price of 102.55%, of 2.750% bonds due 2022 at a purchase price of 105.10%, and of 2.750% bonds due 2023 at a purchase price of 107.10%. Bonds in the aggregate face value of EUR 98.5 million (corresponding to an offer quota of 21.2%) have been offered to CA Immo. CA Immo decided to fully accept the total amount of Notes tendered. The transaction closed on February 5, 2020.

The transaction was supported by J.P. Morgan acting as Sole Global Coordinator, and Erste Group, J.P. Morgan and Morgan Stanley as Joint Bookrunners.

The team at CERHA HEMPEL comprised partner Dr. Volker Glas, attorney MMag. Christian Aichinger and associate Mag. Mathias Drescher.