IMMOFINANZ uses bonds as part of its balanced approach to debt financing. The capital raised through our bonds is used for specific projects, to strengthen our portfolio or to enter new and promising markets. You can find more detailed information on our current bonds here.
The outstanding nominal value of the bonds declined significantly to EUR 424.9 million1 as of 30 September 2022 due to a change of control event (31 December 2021: EUR 1,277.3 million). Included here are two corporate bonds which were issued in January 2019 and October 2020.
The acquisition of a controlling interest in IMMOFINANZ AG by the CPI Property Group (CPIPG) and the subsequent mandatory offer as defined by § 22 in connection with § 27 of the Austrian Takeover Act triggered a change of control event for both corporate bonds (terms ending in 2023 and 2027) at the beginning of March 2022. It entitled the bondholders to exercise their put right at 101% of the nominal value plus accrued interest up to the sale date on 25 April 2022. A nominal value of EUR 295.7 million was tendered by the holders of the corporate bond 2019–2023, and a nominal value of EUR 262.2 million was tendered by the holders of the corporate bond 2020–2027. Repayment was made on 27 April 2022 and led to cash outflows of EUR 568.8 million.
IMMOFINANZ was informed on 3 December 2021 through a voting rights announcement in accordance with § 130 of the Austrian Stock Exchange Act of 2018 that CPIPG held an investment, directly and indirectly, of approximately 21.4% in the then share capital of IMMOFINANZ AG. This investment gave CPIPG a controlling interest in IMMOFINANZ AG as defined in § 22 in connection with § 27 of the Austrian Takeover Act. The conversion price was therefore temporarily adjusted to EUR 18.8987 in accordance with the issue terms (before the adjustment: EUR 20.6333) up to the control record date on 19 January 2022.
Conversions totalled EUR 291.3 million in the first half of 2022 and were serviced with 15,375,916 new shares. Due to the substantial reduction in the volume, IMMOFINANZ called the convertible bond for repayment prematurely on 29 April 2022 in accordance with the issue terms. Repayment was made at the end of June 2022 at a nominal amount of EUR 3.2 million (excluding the convertible bonds held by IMMOFINANZ) plus accrued interest.
Coupon in %
27 01 2023
15 10 2027
1 IMMOFINANZ has fully repaid its 2.625% corporate bond due 27 January 2023 (ISIN XS1935128956). The repayment was funded with existing cash resources. The principal amount repaid was EUR 187.1 million, which was the outstanding balance of the 2023 notes following a change of control event which resulted in the repayment of EUR 295.7 million 2023 Notes in April 2022.
2 Weighted coupon in % based on the nominal value as of 30 September 2022