Immofinanz of Austria Seeks Shareholder Approval to Sell Convertible Bonds

Immofinanz AG, Austria’s biggest property developer, will ask shareholders for the right to sell bonds convertible into as many as 310 million shares over the next five years.

The company’s owners will be asked to approve the bonds, which equal about 30 percent of its outstanding shares, at its annual shareholder meeting in Vienna on Sept. 28, Immofinanz said in the invitation to the meeting posted on its website.

Immofinanz plans to refinance its 2014 and 2017 convertible bonds by July 2011, Chief Executive Officer Eduard Zehetner said on Aug. 17. The Vienna-based company has issued 926 million euros ($1.2 billion) of 2014 and 2017 convertible bonds, according to data compiled by Bloomberg. Its total convertible debt liabilities are 1.12 billion, according to the data.

Immofinanz last year offered 2014 and 2017 bondholders the option of exchanging their securities for new 2011 convertible bonds. About 38 percent of bondholders accepted the swap, reducing the company’s convertible debt liabilities by 313 million euros.

To contact the reporter on this story: Zoe Schneeweiss in Vienna at zschneeweiss@bloomberg.net.

• Tweet
• More
  • Business Exchange
  • Buzz up!
  • Digg
• Print
• Email