German housing provider LEG Immobilien has launched a €400 mln offering of senior, unsecured covertible bonds, due 2025.
The bonds will be convertible into new and/or existing ordinary registered LEG shares.
The company said it intended to use the net proceeds for the long-term financing of its recently executed and signed portfolio acquisitions as well as for general corporate purposes.
According to LEG, the bonds will have a maturity of eight years and will be issued and, unless previously converted or repurchased and cancelled, redeemed at 100% of their principal amount with a denomination of €100,000 per bond. They will be offered with a coupon between 0.125% and 0.875% per annum.
The pricing of the offering is expected to take place today following an accelerated bookbuilding process, and settlement is expected to take place on or around 1 September 2017.
LEG intends to arrange for the bonds to be traded on Frankfurt Stock Exchange's Open Market no later than one month after the settlement of the offering.
Last week LEG Immobilien purchased 1,400 German homes for €98 mln
