CHSH advises IMMOFINANZ AG on 1.5% EUR 375 million bonds exchangeable into BUWOG AG shares

CHSH Cerha Hempel Spiegelfeld Hlawati has advised IMMOFINANZ AG in connection with the issuance of bonds exchangeable into BUWOG shares with a volume of EUR 375 million.

CHSH Cerha Hempel Spiegelfeld Hlawati has advised IMMOFINANZ AG in connection with the issuance of bonds exchangeable into BUWOG shares with a volume of EUR 375 million. The bonds were offered to institutional investors as part of an accelerated book building procedure and were successfully placed on 4 September.

The bonds have a coupon of 1.5% per annum and an exchange premium of 15% on the reference price and will be issued and redeemed at 100% of their principal amount. The bonds mature on 11 September 2019. They are the first exchangeable bonds to be issued in Austria since ÖIAG issued a series of exchangeable bonds for privatisation purposes.

CHSH previously acted as Transaction Counsel to IMMOFINANZ AG, advising it on capital market aspects and financing in connection with the IPO of BUWOG AG.

The team at CHSH was comprised of partners Thomas Zivny and Volker Glas as well as associate Oliver Völkel.

BNP Paribas, J.P. Morgan and Morgan Stanley acted as Joint Bookrunners.