August 14, 2009 / 8:03 AM / 10 years ago

REFILE-UPDATE 2-Wereldhave eyes buys after succesful bond

(Refiles to change day to Thursday from Tuesday in first paragraph)

* Bond offering priced, increased to 230 mln euros

* Says to eye buying opportunities in coming months

* Looking in countries with a smaller share in portfolio

(Adds bond issue increase; offering pricing)

By Catherine Hornby

AMSTERDAM, Aug 13 (Reuters) - Dutch property group Wereldhave (WEHA.AS) said on Thursday that it was gearing up to make acquisitions, following the launch of a bond issue that rose over the day to 230 million euros.

“In the coming months or at the start of 2010 we are going to look at buying opportunities,” Charles Bloema, Wereldhave’s corporate treasurer, said in an interview.

Wereldhave, which manages property in Europe and the United States, said the five-year senior unsecured convertible bonds would carry a coupon of 4.375 percent with a conversion price of 72.184 euros, which represents a premium of 15 percent on Thursday’s average trading price. This price was the best end of indicative terms, the company said.

Barclays Capital and UBS Investment Bank exercised an option to take up more of the issue and boosted the total issue amount to 230 million euros from 200 million euros, Wereldhave said. As a result, shares to be issued on conversion of the bonds represent 15 percent of its share capital.

Bloema said the extra proceeds from the bond issue would give the company a chance to act quickly when buying opportunities arose.

He said the group was focusing on countries that made up a smaller section of its portfolio and was not looking so closely at places like the United States, where a significant proportion of its retail and office property was already located.

“We want to balance the portfolio a bit more and look at countries where we have a smaller role,” Bloema said.

Shares in Wereldhave were up 0.2 percent at 62.63 euros by 1500 GMT, while the Amsterdam AEX index .AEX was up 0.6 percent. (Additional reporting by Djaja Ottenhof; editing by Simon Jessop and Karen Foster)

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