La quotata tedesca LEG Immobilien lancia un’offerta di convertible bond per 400 milioni di euro

The Management Board of LEG Immobilien AG (“LEG”) resolved today, with the consent of the Supervisory Board to launch an offering (the “Offering”) of senior, unsecured convertible bonds due 2025 in an aggregate nominal amount of EUR 400 million (the “Bonds”). The Bonds will be convertible into new and/or existing ordinary registered shares of LEG (the “Shares”). The shareholders’ preemptive rights (Bezugsrechte) are excluded.

The company intends to use the net proceeds for the long-term financing of its recently executed and signed portfolio acquisitions as well as for general corporate purposes.

The Bonds will have a maturity of 8 years and will be issued and, unless previously converted or repurchased and cancelled, redeemed at 100% of their principal amount with a denomination of EUR 100,000 per Bond. The Bonds will be offered with a coupon between 0.125% and 0.875% per annum, payable semi-annually in arrear, and a conversion premium of 45% above the volume-weighted average price of the Shares on XETRA between launch and pricing of the Offering. Pricing of the Offering is expected to take place today following an accelerated bookbuilding process, and settlement is expected to take place on or around September 1, 2017.

LEG will be entitled to redeem the Bonds at their principal amount (plus accrued interest) in accordance with the terms and conditions of the Bonds at any time (i) on or after September 22, 2022, if the price per Share is equal or exceeds 130% of the then prevailing conversion price over a certain period or (ii) if 20% or less of the aggregate principal amount of the Bonds remain outstanding.

LEG intends to arrange for the Bonds to be traded on the Open Market (Freiverkehr) of the Frankfurt Stock Exchange no later than one month after the settlement of the Offering.

The Bonds will be offered only to institutional investors outside the US, Canada, Australia, South Africa, Japan or any other jurisdiction in which offers or sales of the securities would be prohibited by applicable law.

BofA Merrill Lynch, BNP PARIBAS and Goldman Sachs International will act as Joint Global Coordinators and, together with Deutsche Bank, as Joint Bookrunners of the placement.


With around 130,000 rental properties and approximately 350,000 residents, LEG is one of Germany’s leading listed housing companies. The company has eight branch offices in North Rhine-Westphalia, providing personal local contact. LEG generated rental and lease income of around EUR 763 million in the 2016 financial year.


Source : Company