Immofinanz successfully placed €500 million fixed-rate senior unsecured notes with a 7-year maturity and a 2.50% fixed coupon on 8 October 2020. The net proceeds of the issue of the notes will be used to refinance existing debt, capitalize on value-creating growth opportunities, and for general corporate purposes. The issuance was oversubscribed around 2 times with strong demand by more than 110 investors.
S&P Global Ratings has assigned a 'BBB-' issue rating to the Notes.
“With our second benchmark transaction with investment-grade rating, we are increasing our financial flexibility and continue to optimize our capital structure. Our financing structure will be more diversified and the average remaining term of our financial liabilities will increase. This also ensures that Immofinanz can act from a position of strength during the COVID-19 crisis and then quickly return to a profitable course of growth”, comments Stefan Schönauer, CFO of Immofinanz, on the transaction.
The Notes have a denomination of €100,000 each and will be listed at the regulated market of the Luxembourg Stock Exchange. An application will be made to introduce the Notes for trading on the Vienna MTF of the Vienna Stock Exchange.
Citigroup and J.P. Morgan acted as Joint Global Coordinators and Joint Bookrunners and Credit Suisse, Deutsche Bank, Erste Group and HSBC acted as Joint Bookrunners.
