Belgian listed property company Cofinimmo has launched a convertible bond for an initial amount of €175 mln.
Belgian listed property company Cofinimmo has launched a convertible bond for an initial amount of €175 mln.
The five-year bond is convertible into ordinary shares in the company and will initially be offered to institutional investors only. The bonds have an expected coupon rate of between 1.75% and 2.25%.
The size of the initial offering may be increased by up to €25 mln if the issue is over-subscribed at the time of pricing.
Cofinimmo said in a statement that it intends to use the proceeds of the issue to fund capital expenditure and refinance existing or maturing credit lines.
Cofinimmo is currently rated BBB- (stable outlook) by ratings agency Standard & Poor’s.
Rented property specialist Cofinimmo owns a portfolio worth more than €3.3 bn. Its investment focus is on the office and healthcare sectors as well as distribution network assets.
