Corporate | 11 December 2015 08:46
publity intends to increase its EUR 20 million 3.5% convertible bond 2015/2020
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DGAP-News: publity AG / Key word(s): Financing
Press Release
publity intends to increase its EUR 20 million 3.5% convertible bond 2015/2020
publity AG (Entry Standard, ISIN DE0006972508), an investor and asset management firm specializing in German commercial real estate, intends to increase the volume of its EUR 20 million 3.5% convertible bond issued in November 2015 by a further private placement of up to EUR 10 million with institutional investors. publity has started negotiations with potential additional investors who are interested in investing in publity’s convertible bond issued in November 2015 and is willing to agree with these investors on certain additional financial covenants, in particular regarding the incurrence of further financial indebtedness, a restriction on pledges for financial indebtedness and a restriction on dividend payments. If additional bonds are issued to these investors, publity would call a bondholders’ meeting for the convertible bond and propose amendments of the terms and conditions of the convertible bond to contain the same financial covenants for the benefit of all investors. Under the assumption that the volume of the convertible bond is increased to EUR 30 million, it would be convertible in up to 638,297 shares of publity AG at an initial conversion price of EUR 47.00. The coupon is 3.5% per year. The subscription rights of the shareholders for the additional bonds are excluded. quirinbank AG acts as sole bookrunner in the transaction. The proceeds from the transaction are planned to be used for co-investments as part of publity’s joint ventures. The inflow of funds from the bonds enables publity to finance the – fully equity-financed – acquisition of German office real-estate in the value of up to EUR 300 million from the current transaction pipeline. With that, the company wants to take advantage of the current opportunities in the commercial real estate market and intends to swiftly use the funds for the acquisition of highly profitable office real-estate with high appreciation potential in urban areas in Germany. publity has already expanded its portfolio of attractive commercial real estate assets in the past quarters and manages a real estate portfolio of more than EUR 1 billion. The assets under management will be significantly increased going forward and are planned to reach EUR 1.6 billion by the end of 2015 and EUR 5 billion by the end of 2017.
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About publity publity AG is an asset manager specialising in commercial real estate in Germany. The company covers a wide value chain, from acquisitions to development through the sale of real estate and has a track record of several hundred successful transactions. publity stands out by having a strong network in the real estate sector and in the Work Out departments of financial institutes. It also has excellent access to investment resources and uses a highly efficient process to swiftly handle transactions from proven partners. Occasionally, publity acts as a co-investor in a limited number of joint venture transactions. publity’s shares (ISIN DE0006972508) are traded in the Entry Standard of Frankfurt Stock Exchange. Disclaimer: This disclosure constitutes neither an offer to sell nor an invitation to submit an offer to purchase or subscribe for securities. No public offer of bonds of publity AG will take place. The distribution of this disclosure may be subject to legal restrictions in certain jurisdictions. Persons who come into possession of this disclosure are required to inform themselves of such restrictions and comply with them. Non-compliance with such restrictions may constitute an infringement of the securities laws of the respective jurisdiction. This disclosure is not intended for distribution in or within the United States of America, Canada, Australia or Japan or in other jurisdictions in which an offer or an invitation to submit an offer is subject to legal restrictions. This disclosure does not constitute a public offer for securities in the United States. The bond is not and will not be registered in accordance with the U.S. Securities Act of 1933 as currently amended (the “Securities Act”) and may be offered or sold in the United States of America only on the basis of a registration or an applicable exemption from the registration requirement in accordance with the Securities Act.
2015-12-11 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
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