On 12 January 2017, IMMOFINANZ AG invited the holders of its EUR 515.1 million 4.25% senior unsecured convertible bonds due 2018 to convert their outstanding bonds into ordinary IMMOFINANZ shares and ordinary BUWOG shares or to accept payment of a corresponding cash settlement in exchange for their BUWOG shares. This conversion offer was limited to 45% of the nominal amount of outstanding bonds and was not addressed to retail investors.
Investors holding 43.4% of the convertible bonds 2011-2018 had submitted offers to the company as at 19 January 2017. This will consequently reduce the nominal amount of outstanding bonds to approximately EUR 287.3 million.
At the same time, the company placed new convertible bonds with a volume of EUR 297.2 million with institutional investors in an accelerated bookbuilding process. The bonds were placed subject to a clawback regarding the incentivised conversion of the convertible bonds 2011-2018.
CHSH provided legal advice and support to the team at IMMOFINANZ regarding the incentivised conversion and the issuance of the new convertible bonds.
The team at CHSH included Thomas Zivny, Volker Glas and Christian Aichinger.