On May 2nd 2013 Banimmo launched an unconditional public exchange offer ("Exchange Offer") on all of the 75,000 Bonds maturing on June 10th 2015 and having a gross coupon of 5.15%. Each existing bondholder had the opportunity to exchange each existing nominal tranche against a new tranche with a gross coupon of 5.20% maturing on May 30th 2018, in an exchange ratio of 1 to 1.
At the end of the exchange period on May 17th 2013, 34,072 existing bonds were tendered into the Exchange Offer, representing a nominal amount of € 34,072,000. Those existing bonds will be cancelled by Banimmo. As a consequence, 40,928 existing bonds remain listed. There will be no reopening of the Offer.
By this voluntary exchange transaction, Banimmo wanted to extend its existing Bond financing at similar conditions. With the result of the Exchange Offer, the amount of € 75 million maturing in June 2015 has been split in a well-balanced way with € 40.9 million maturing in June 2015 and € 34.1 million in May 2018.
Click on the link hereunder for the complete press release in pdf form.
