Corporate News
22.01.2019

IMMOFINANZ announces the successful placement of a EUR 500 million benchmark bond and received investment grade rating from S&P

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IMMOFINANZ announces the successful placement of a EUR 500 million benchmark bond and received investment grade rating from S&P 



• Coupon of 2.625%, Notes due 2023
• S&P Global Rating assigned ‘BBB-‘ long-term issuer rating to IMMOFINANZ
• First ever rated benchmark bond by an Austrian real-estate company 

IMMOFINANZ AG ("IMMOFINANZ") successfully placed EUR 500 million fixed rate senior unsecured notes (the “Notes”) with a 4-year maturity and a 2.625% fixed coupon on 21 January 2019. The net proceeds of the issue of the Notes will be used for the refinancing of existing debt and general corporate purposes.

Today, S&P Global Rating has assigned a 'BBB-' long-term issuer credit rating to IMMOFINANZ and a 'BBB-' issue rating to the Notes. 

The reasons cited by S&P Global Rating for its rating decision include, among others, IMMOFINANZ’ market position as one of the largest commercial property owners in CEE region, the stable occupancy levels and the stable demand trends in the company’s operating environment.

“This transaction represents an important milestone for IMMOFINANZ in further diversifying the funding sources with an investment grade rated unsecured instrument, while the refinancing of existing debt will secure currently low interest rates and increase the hedging quota”, comments Stefan Schönauer, CFO of IMMOFINANZ. “The investment grade rating underlines the success of our consistent strategy implementation, which has resulted in a very solid financial profile and a sustainable improvement in profitability. Additionally, the transaction also constitutes the first ever rated benchmark bond by an Austrian real-estate company.”

The Notes have a denomination of EUR 100,000 each and will be listed at the regulated market of the Luxembourg Stock Exchange. An application will be made to introduce the Notes for trading on the Third Market (MTF) of the Vienna Stock Exchange.

Deutsche Bank, J.P. Morgan, Société Generale and UniCredit acted as Joint Bookrunners and Joint Lead Managers. 

As a consequence of the newly achieved investment grade rating, IMMOFINANZ’ outstanding convertible bonds 2024 will see a step-down in coupon by 0.5% to 1.5% p.a. already applicable for the next interest period. 

On IMMOFINANZ
IMMOFINANZ is a commercial real estate group whose activities are focused on the retail and office segments of seven core markets in Europe: Austria, Germany, Czech Republic, Slovakia, Hungary, Romania and Poland. The core business covers the management and development of properties, whereby the STOP SHOP (retail), VIVO! (retail) and myhive (office) brands represent strong focal points that stand for quality and service. The real estate portfolio has a value of approx. EUR 4.3 billion and covers more than 220 properties. IMMOFINANZ is listed on the stock exchanges in Vienna (leading ATX index) and Warsaw. Further information under: http://www.immofinanz.com


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