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Wolf Theiss Advises Erste Group on EUR 100 Million S Immo Bond Issuance

Wolf Theiss Advises Erste Group on EUR 100 Million S Immo Bond Issuance

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Wolf Theiss has advised Erste Group Bank AG in its capacity as sole book-runner and sole lead manager of S Immo AG's EUR 100 million, 2%, 10-year bond issuance. Cerha Hempel reportedly advised S Immo.

S Immo is a real estate investment company headquartered in Vienna and focused on investments in Austria, Germany, and CEE.

The target group of the bond issuance were private investors and institutional investors in Austria. The bonds are listed on the Official Market of the Vienna Stock Exchange in the Corporates Prime Segment. The issue price of the bonds is 101.13% (corresponding to a re-offer yield of 1.875%).

According to Wolf Theiss, "the transaction was announced on October 7, 2019 and, due to a denomination of EUR 500 each, [the bonds were] primarily aimed at Austrian retail investors, but [they] were also placed with institutional investors. Due to high demand, the subscription period was closed early."

"In addition," Wolf Theiss reports, "the issuer invited the holders of the 4.5% S Immo Bond 2014-2021 ... to submit bids to repurchase or exchange Notes of the S IMMO Bond 2014-2021 in bonds of S Immo bond 2019-2029 subject to a conversion and repurchase memorandum."

The Wolf Theiss team was led by Partner Alexander Haas and included Associates Nikolaus Dinhof and Sebastian Prakljacic.