Italian property company Risanamento, controlled 73% by Luigi Zunino, has successfully completed the issue of EUR 220 mln convertible bonds. Risanamento said in a statement that the proceeds will be used to further strengthen its property portfolio.

Italian property company Risanamento, controlled 73% by Luigi Zunino, has successfully completed the issue of EUR 220 mln convertible bonds. Risanamento said in a statement that the proceeds will be used to further strengthen its property portfolio.

The convertible bonds are to be listed on the Luxembourg Euro MTF market and targeted solely institutional investors, to bypass the pre-emptive rights of current shareholders. The bonds have a principal amount of EUR 100,000 each and a maturity of seven years.

The bonds convey the right to convert into about 17.4 million shares. J P Morgan, the sole bookrunner, has an over-allotment option to purchase an additional EUR 30 mln (representing 2.3 million shares).