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FRANKFURT, April 7 (Reuters) - German property group LEG Immobilien has placed 300 million euros ($412 million) in convertible bonds with institutional investors as it seeks to diversify funding sources and add muscle to its growth strategy.
LEG said on Monday the bonds, maturing in 2021, would be convertible into around 4.8 million shares, representing 9.1 percent of the company's current outstanding share capital.
The group has said it is looking acquire more residential real estate and would also consider buying assets outside its main market of North Rhine-Westphalia, Germany's most populous regional state.
LEG said in a statement it had placed the senior, unsecured convertible bonds with institutional investors.
"The semi-annual coupon was set at 0.50 percent per annum and the initial conversion premium was fixed at 30 percent above the reference share price of 47.99 euros, corresponding to an initial conversion price of 62.39 euros," the statement said.
$1 = 0.7277 Euros Reporting by Jonathan Gould; Editing by Mark Potter