In an effort to reduce its LTV ratio and simplify its structure, Immofinanz AG has invited shareholders to exchange €375m worth of senior unsecured exchangeable bonds, due in 2019, for ordinary shares of Buwog AG. The offer expires Sept. 7. The move will have a positive impact on the company’s financial results.
“Bondholders will have two options: receipt of a fixed cash consideration which equals the value of the shares to which a bondholder is entitled pursuant to the terms and conditions of the bonds plus a premium, or delivery of the number of shares to which bondholders are entitled plus a premium,” the company wrote in a statement.
