Immofinanz intends to sell 4.5m ordinary shares in BUWOG
01 FEB 2017
IMMOFINANZ, the Austria-based real estate company, today announced its intention to sell approximately 4.5m ordinary shares in domestic entity BUWOG, representing 4.5% of the issued share capital at the target.
Proceeds of the sale will be used to optimize the overall cost of debt at IMMOFINANZ and for general corporate purposes. After the transaction IMMOFINANZ is expected to hold approximately 4.7m BUWOG shares.
Press Release:
IMMOFINANZ announced its intention to sell approximately 4.5m ordinary shares (the "Placing Shares") in BUWOG AG (the "Company"). The Placing Shares represent approximately 4.5% of the Company's issued share capital.
The sale is part of the strategic reduction of IMMOFINANZ’ shareholding in BUWOG AG. The proceeds of the sale will be used to optimize the overall cost of debt of IMMOFINANZ and for general corporate purposes.
The Placing Shares are being offered by way of an accelerated bookbuilding (the "Placement") to institutional investors, which will be launched immediately following this announcement.
The final number of Placing Shares to be placed will be determined at the closing of the bookbuilding process, and the results of the Placement will be announced as soon as practicable thereafter.
After the transaction IMMOFINANZ is expected to hold 4.7m BUWOG shares which serve as an underlying for the convertible bonds 2017 and 2018.