BERLIN (dpa-AFX) - Vonovia SE (VNA.DE), a German-based residential real estate company, on Tuesday announced that it decided to launch an offering of two series of senior unsecured convertible bonds totaling 1.3 billion euros in principal.
The final terms of the Bonds will be announced later today, with settlement expected around May 20.
The company plans to use the net proceeds from the Offering for general corporate purposes, including refinancing existing debt.
The two series of bonds include Series A Bonds of approximately 650 million euros due on May 20, 2030, and Series B Bonds of approximately 650 million euros due on May 20, 2032.
The Series A Bonds are zero-coupon instruments with a 35% to 40% conversion premium and will be redeemed at 105.12% to 107.76% of principal by May 2030, implying a 1% to 1.5% yield if not converted. Early redemption is possible under certain share value or outstanding amount conditions.
The Series B Bonds carry a 0.875% annual coupon and a 40% to 45% conversion premium, with redemption in May 2032 at 104.60% to 108.41% of principal, implying a 1.5% to 2.0% yield if not converted. Early redemption is allowed under specific share value or outstanding amount thresholds.
The Bonds are convertible into up to approximately 32 million new and/or existing ordinary shares of Vonovia. Existing shareholders' pre-emptive rights to subscribe to the Bonds are excluded.
Each Bond will have denomination of 100,000 euros and issued at 100% of its principal amount by the Company.
Monday, Vonovia had closed 3.32% lesser at EUR 29.13 on the XETRA.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
