IMMOFINANZ AG: Exchange Offer for IMMOFINANZ Convertible Bond Holders

(premiumpresse) - 06.04.2009 06:11DGAP-Adhoc:

IMMOFINANZ AG / Corporate Action

06.04.2009

Release of an Ad hoc announcement, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.



Ad-hoc

IMMOFINANZ AG:


Exchange Offer for IMMOFINANZ Convertible Bond Holders
IMMOFINANZ Group continues Restructuring

Following the elimination of the intercompany loan announced on 2 March
2009, IMMOFINANZ Group has taken the next step of its restructuring
programme. The company is extending an exchange offer to the holders of the
two outstanding convertible bonds with a total nominal amount of EUR 1.5
bn.

Convertible Bond Exchange Offer
The planned exchange of the two outstanding convertible bonds aims at
IMMOFINANZ deleveraging and the required strengthening of its equity.

In the context of the exchange offer announced today, holders of the
outstanding convertible bonds will be entitled to exchange five outstanding
bonds maturing in 2014 or in 2017, respectively, each for two new
convertible bonds with a considerably shorter maturity (22 December 2011).
The new convertible bond with a total nominal amount of up to EUR 600
million has a strike price of EUR 2.00 per share and a coupon of 7% p.a.
Participating holders will also receive a cash bonus of EUR 5,000 for each
exchanged convertible bond (with a nominal amount of EUR 100,000 each)
maturing in 2014 or 2017, respectively.

Additionally, the subsidiary IMMOEAST AG is issuing a promise of guarantee
to the holders of the new convertible bond up to the aggregate amount of
EUR 600 million plus accrued interest.

Assuming full acceptance of the exchange offer, the outstanding nominal
amount of the convertible bonds of IMMOFINANZ would be reduced from EUR 1.5
bn to EUR 600 million, and the companys equity would be increased by up to
EUR 825 million.





IR Contact:
Margit Hermentin
Head of Investor Relations
IMMOFINANZ IMMOEAST AG
A-1120 Wien, Gaudenzdorfer Gürtel 67
Tel.: 43/1/532 06 39-0
Fax: 43/1/532 06 39-790

e-mail:
m.hermentinimmofinanz.com
m.hermentinimmoeast.com

www.immofinanz.com
www.immoeast.com

Press Contact:
Brandstaetter Business Communications
Dr. Helmut Brandstätter
infobrandstaetter.tv
tel: 43 1 907 67 67











06.04.2009 Financial News transmitted by DGAP



Language: English
Issuer: IMMOFINANZ AG
Gaudenzdorfer Gürtel 67
A-1120 Wien
Österreich
Phone: 43 1 536 16 - 418
Fax: 43 1 536 16 - 491
E-mail: investorimmfinanz.com
Internet: http://www.immofinanz.com
ISIN: AT0000809058
WKN: 911064
Listed: Freiverkehr in Berlin, München, Stuttgart; Open Market in
Frankfurt; Foreign Exchange(s) Wien

End of News DGAP News-Service




April 06, 2009 02:11 ET (06:11 GMT)