Cerha Hempel has advised S IMMO AG on an issue of bonds and a simultaneous repurchase/exchange of outstanding bonds that were soon to mature. Erste Group Bank AG acted as sole lead manager and book-runner. Wolf Theiss reportedly advised Erste Bank on the deal.
In May 2019, S IMMO AG offered to repurchase the 3% S IMMO bonds 2014-2019 at a rate of 102.95% of the nominal amount. Bonds worth approximately EUR 33 million were ultimately offered to S IMMO AG for repurchase.
According to Cerha Hempel, “S IMMO AG subsequently issued a new EUR 150 million bond with a maturity of seven years (2019-2026) and a coupon of 1.875%. In September 2019, it invited holders of the 4.5% S IMMO bond 2014-2021 to offer S IMMO AG their bonds for exchange or repurchase, in each case at a repurchase rate of 107% of the nominal amount. Bonds were offered to S IMMO AG in the nominal amount of approximately EUR 58.9 million, corresponding to a return rate of approximately 68.2%. In exchange, S IMMO AG issued a new EUR 100 million bond with a maturity of 10 years (2019-2029) and a coupon of 2%.”
The bonds with a denomination of EUR 500 were subscribed by private investors in Austria and institutional investors and are listed on the Vienna Stock Exchange in the Corporates Prime Segment.
The Cerha Hempel team included Partner Volker Glas, Attorney Christian Aichinger, and Associates Mathias Drescher and Benedikt Pollak.