on Vonovia SE (ETR:DE000A1M)
Vonovia SE Launches €1.3 Billion Convertible Bond Offering
Vonovia SE has announced a €1.3 billion offering of convertible bonds. The bonds are issued in two series of €650 million each. The Series A bonds, due May 2030, bear no periodic interest and have a conversion premium of 35-40% over the reference share price. The Series B bonds, due May 2032, come with a 0.875% fixed coupon and a conversion premium of 40-45%.
The bonds, each with a denomination of €100,000, will be offered exclusively to institutional investors outside the U.S. through an accelerated bookbuilding process. Settlement is expected by 20 May 2025 on the Frankfurt Stock Exchange's Open Market segment.
Société Générale and UBS Investment Bank are joint coordinators. Proceeds will be used for general corporate purposes including debt refinancing.
R. P.
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