Finnish property company Citycon has received approval from the Finnish stock market authority for a EUR 50 mln bond issue.
Finnish property company Citycon has received approval from the Finnish stock market authority for a EUR 50 mln bond issue.
Citycon said last week that the bond issue is open to Finnish retail investors and selected international investors.
The net proceeds of the offering received by Citycon are intended to be used to finance redevelopment projects and potential acquisitions, the company said.
The bond will be issued in the form of book-entry notes with a value of EUR 1,000 and redeemed at 100% of their principal amount. The minimum subscription amount of the notes is EUR 5,000 and the subscription period of the notes is expected to commence on 3 December 2009 and to end on 11 December 2009. The bond will carry an annual interest rate of 5.10%, and will have its maturity date from 16 December 2009 through 16 December 2014.
The lead manager of the issue is Nordea Bank Finland.
On Monday, Citycon said it appointed Ronen Ashkenazi as a new member of the board, replacing Amir Bernstein, who resigned last month. Ashkenazi has 25-years of experience in the real estate industry. He is the CEO and minority shareholder of Gazit Globe Israel (Development), a subsidiary of Gazit-Globe, the main shareholder in the company.
