IMMOFINANZ Bonds

The outstanding nominal value of the bonds declined significantly to EUR 424.9 million 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.

Change of control event – corporate bonds

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.

Convertible bond 2017–2024

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. 

Bonds   

ISIN

Maturity

Coupon in %

Nominal
value as of
31 12 2021
in TEUR

Repurchases/
redemptions/
conversions/
new issues
2022 in TEUR

Nominal
value as of
30 09 2022
in TEU

Corporate bond

XS1935128956

27 01 2023

2.63

482,800

-295,700

187,100

Corporate bond

XS2243564478

15 10 2027

2.50

500,000

-262,200

237,800

Convertible bond

XS1551932046

n. a.

1.50

294,500

-294,500

0

IMMOFINANZ

2.561

1,277,300

-852,400

424,900

1 Weighted coupon in % based on the nominal value as of 30 September 2022

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Corporate Bond 2019-2023

MMOFINANZ AG successfully placed a fixed rate senior unsecured notes on 21 January 2019. Details on the bond can be found here:
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Corporate Bond 2020-2027

IMMOFINANZ AG successfully placed a fixed rate senior unsecured notes on 8 October 2020. Details on the bond can be found here:
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Rating

IMMOFINANZ received an investment grade rating from S&P Global Rating on 22 January 2019. Click here for the rating reports: