LEG Immobilien SE Successfully Places EUR 500 Million Convertible Bonds

LEG Immobilien SE has announced the successful placement of EUR 500 million in convertible bonds due in 2030. These bonds, issued by LEG Properties B.V., a wholly-owned Dutch subsidiary, will be guaranteed by LEG and convertible into 4.3 million shares, representing approximately 5.7% of the company’s current share capital.

The proceeds from the bonds will be used to refinance existing debt and for general corporate purposes. The bonds will bear a coupon of 1.00% per annum and will be redeemable at 106.34% of their principal amount at maturity on September 4, 2030.

The bonds were offered to institutional investors via private placement. Settlement is expected on September 4, 2024, with trading on the Frankfurt Stock Exchange's Open Market segment to follow soon after.

The issuer retains the right to redeem the bonds under specific conditions from September 25, 2028. A 90-day lock-up period has been agreed upon by the issuer and the company.