IMMOFINANZ Convertible Bond 2017–2024

The CB 2024 (Convertible Bond 2017–2024) has a full dividend protection through adjustment to the conversion price.

Notice of Early Redemption of the Convertible Bonds due 2024 („Bonds“) (ISIN: XS1551932046)

Vienna, 29 April 2022

IMMOFINANZ AG hereby announces that the Bonds issued in January 2017 in the aggregate Principal Amount of EUR 297,200,000 will be redeemed early pursuant to § 5 (c) of the Terms and Conditions. Details see the corporate news as of 29 April 2022.

 

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Change of control event due to CPIPG's shareholding in IMMOFINANZ

CPI PROPERTY GROUP obtained a controlling interest in IMMOFINANZ AG by way of a major holdings notification dated 3 December 2021. As a result, a change of control occurred in accordance with the terms and conditions of the convertible bond 2017–2024 and the bondholders were given the opportunity to exercise their conversion right at a temporarily adjusted conversion price (EUR 18.8987). After the control date (19 January 2022), the conversion price upon exercise of conversion rights again corresponds to the conversion price of EUR 20.6333 in effect immediately prior to the occurrence of the change of control. For the adjustment of the conversion price due to the acquired controlling interest, see the Corporate News of 7 December 2021. As a result of the exercise of conversion rights, the share capital was adjusted and amounts to EUR 138,257,760 as at 20 January 2022.

 

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Overview of the IMMOFINANZ CB 2024

As of 31 March 2022

Issuer

IMMOFINANZ AG

Outstanding volume at present

€ 9,700,000 1

Interest rate

1.5% payable semi-annually in arrear on 24 January and 24 July of each year, commencing on 24 July 2017.

IMMOFINANZ received an investment grade rating (BBB-, stable outlook) from S&P Global Ratings on 22 January 2019. In accordance with the terms of the bond, the coupon was reduced by 50 basis points from originally 2.0%1 to now 1.5% beginning with the interest rate period that started on 24 January 2019. 

Term

24 January 2017 - 24 January 2024

1 Coupon reduction of 50 basis points to 1.5% since receipt of investment grade rating (starting with the interest rate period on 24 January 2019)

Denomination

€ 100,000

Repayment amount

€ 100,000

Listing

Vienna Stock Exchange, Third Market

ISIN

XS1551932046

Conversion Price

€ 20.6333

Conversion period

Bondholder can exercise their conversion rights beginning on 06 March 2017 until 10 January 2024 (subject to certain customary excluded periods) by executing a conversion notice provided by the conversion agent (principal conversion agent: BNP Paribas Securities Services, Luxembourg).