June 15, 2020 / 10:01 AM / a month ago

Immofinanz considers capital increase, convertible notes to refinance debt

VIENNA, June 15 (Reuters) - Immofinanz said it is preparing to place new and treasury shares equivalent to up to 20% of existing share capital, and issue mandatory convertible notes to institutional investors in an accelerated bookbuilding to refinance debt.

The mandatory convertible notes are expected to have a maturity of three years for initially up to 16,812,790 shares, approximately 15% of current share capital, the Austrian real estate group said on Monday.

The maximum number of shares to be placed and offered to institutional investors will not exceed 25% of existing share capital in total, the group said.

The measures were also intended to strengthen Immofinanz’s capital base and fund growth.

“Whether and which of the capital measures... are carried out, as well as the timing and conditions in each case, depend in particular on the market environment, the investor interests and the approval of the company’s supervisory board,” Immofinanz said.

Immofinanz shares were trading 4.5% lower at 15.60 euros at 0943 GMT.

Reporting by Kirsti Knolle; editing by Emelia Sithole-Matarise

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