Immofinanz issuing €550m in convertible bonds

Immofinanz will be selling €550m in convertible bonds to help finance its bonds that come due between 2014 and 2107. If you own shares in the company, you’ll get first crack at the new issuance, whose conversion price could be 30-40 percent above the current share price, and whose coupon could be over 3%. This would allegedly complete the financial restructuring following the company’s descent into distress in 2009. Immofinanz was merged with Immoeast, reams of assets were sold and a totally reshaped management structure was installed. Proof of this could come at the end of 2011, as dividend payments to shareholders are now being hinted at.


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