Conwert sells €80m CB at wides to fund tender offer

31 Aug 2012

Conwert Immobilien Invest, a €750m market capitalisation Austrian property developer active in central Europe, sold the first convertible bond in Europe since June. As with the last deal — for Germany’s TAG Immobilien — it was priced at the wide end of guidance as the small size gave it little traction with the usual equity-linked investor base.

The repeat issuer was raising funds to partially support a tender offer to buy back one of its existing CBs, effectively extending the maturity while reducing debt.

It reported first half results on August 23 when it said that it was considering the tender and new issue but hadn’t ...

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