PIE Events
- German Property Breakfast
14 February 2012
Stockholm
- Distressed Property Breakfast
22 February 2012
London
- Central and Eastern Europe Real Estate Conference
03-04 May 2012
Vienna, Austria
Austria's Immofinanz cuts e313m liabilities with bond swap
Hard-hit Austrian-listed Immofinanz, in a restructuring to boost equity and lower debt, said a convertible debt swap has preliminarily brought a e313m reduction in liabilities, just over a third the total possible had the deal been fully taken up. Under the offering, bondholders were entitled to exchange five outstanding bonds maturing in 2014 or 2017 for two new convertibles maturing in December 2011. The offer could have cut Immofinanz's outstanding nominal debt to e600m, boosting equity by e825m, but the 38% take-up rate drops liabilities to e1.2bn from e1.5bn.