Cerha Hempel’s Vienna office has advised Immofinanz on its successful placement of an unsubordinated, unsecured bonds issue valued at EUR 500 million. Citigroup and J.P. Morgan Securities acted as joint global coordinators and joint bookrunners, while Credit Suisse, Deutsche Bank, Erste Group Bank, and HSBC served as joint bookrunners on the deal. Linklaters’ Frankfurt office reportedly advised the underwriters.
According to Cerha Hempel, “the bonds were issued under a seven-year maturity period and an annual coupon of 2.5%. The international rating agency Standard & Poor’s has assigned the bond the investment grade rating of ‘BBB-‘.” The firm reported that, “Immofinanz intends to use the net proceeds of bonds sale to refinance existing debt, capitalize on value creating growth opportunities, and for general corporate purposes.”
Cerha Hempel also reported that, “the issue was two-times oversubscribed with a strong demand from more than 110 investors. The notes, which have a denomination of EUR 100,000 each, are listed at the regulated market of the Luxembourg Stock Exchange and are also traded at the Vienna MTF of the Vienna Stock Exchange.”
Cerha Hempel’s team consisted of Partners Volker Glas and Thomas Zivny, Senior Counsel Christian Aichinger, and Associate Mathias Drescher.