Vonovia SE: Debt Financing and Settlement of Acceptance Period for BUWOG Tender Offer Fully Completed (news with additional features)
DGAP-News: Vonovia SE / Key word(s): Offer
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (IN WHOLE OR IN PART) IN, INTO OR FROM ANY OTHER JURISDICTION WHERE TO DO SO WOULD VIOLATE THE LAWS OF SUCH JURISDICTION. THIS ANNOUNCEMENT IS NEITHER AN OFFER TO EXCHANGE OR PURCHASE NOR A SOLICITATION OF AN OFFER TO EXCHANGE OR PURCHASE SHARES OR CONVERTIBLE BONDS.
- Vonovia now holds a controlling majority stake in BUWOG
- Settlement of Tender Offer completed today for the 73.8 % of BUWOG shares and the 99.6 % of convertible bonds tendered in the initial acceptance period; including shares acquired in the market since March 20, 2018, Vonovia's current aggregate stake in BUWOG totals 74.19 %
- Acquisition of this majority stake fully debt financed via six senior unsecured notes with an aggregate volume of EUR3.1bn, an average tenor of 10.1 years and a volume-weighted average coupon of 1.545%
- Consolidated Q1 results to be published on May 3, including first estimate for 2018(E) FFO 1 incl. BUWOG
January 8 issuance:
March 15 issuance:
The aggregate debt volume of EUR3.1bn from both issuances has an average tenor of 10.1 years and a volume-weighted average coupon of 1.545%.
Following the announcement of the final results of the initial acceptance period on March 16, BUWOG shareholders who have not yet accepted the offer can tender their BUWOG shares, at unchanged terms, during the additional acceptance period, which ends on June 18, 2018 at 17:00 Vienna local time.
Including the shares acquired in the market since March 20, 2018, Vonovia's current aggregate stake in BUWOG totals 74.19%.
Vonovia will report its consolidated Q1 results on May 3, including the first estimate for FY2018 FFO 1 incl. BUWOG.
Vonovia SE is Germany's leading nationwide residential real estate company. Vonovia currently owns and manages around 347,000 residential units in all of Germany's attractive cities and regions. Its portfolio is worth approximately EUR 33.4 billion. As a modern service company, Vonovia focuses on customer orientation and tenant satisfaction. Offering tenants affordable, attractive and livable homes is a prerequisite for the company's successful development. Accordingly, Vonovia makes long-term investments in the maintenance, modernization and senior-friendly conversion of its properties. The company will also be creating more and more new apartments by realizing infill developments and adding to existing buildings.
The company, which is based in Bochum, has been listed on the stock exchange since 2013 and on the DAX 30 since September 2015. Vonovia SE is also listed on the international indices STOXX Europe 600, MSCI Germany, GPR 250 and EPRA/NAREIT Europe. Vonovia has a workforce of approximately 8,400 employees.
To the extent permissible under applicable law or regulation, Vonovia or its brokers may pur-chase, or conclude agreements to purchase, shares in BUWOG, directly or indirectly, outside of the scope of the intended takeover offer, before, during or after the period in which the takeover offer remains open for acceptance. This also applies to other securities which are directly convertible into, exchangeable for, or exercisable for BUWOG shares, such as convertible bonds. These purchases may be conducted over the stock exchange at market prices or outside the stock exchange at negotiated conditions. Any information on such purchases will be disclosed as required by law or regulation in Austria.
This press release may contain statements, assumptions, opinions and predictions about the anticipated future development of Vonovia or BUWOG (forward-looking statements) that reproduce various assumptions regarding results derived from Vonovia's or BUWOG's current business or from publicly available sources that have not been subject to an independent audit or in-depth evaluation by Vonovia and that may turn out to be incorrect at a later stage. All forward-looking statements express current expectations based on the current business plan and various other assumptions and therefore come with risks and uncertainties that are not insignificant. All forward-looking statements should not therefore be taken as a guarantee for future performance or results and, furthermore, do not necessarily constitute appropriate indicators that the forecast results will be achieved. All forward-looking statements relate solely to the day on which this press release was issued to its recipients. It is the responsibility of the recipients of this press release to conduct a more detailed analysis of the validity of forward-looking statements and the underlying assumptions. Vonovia accepts no responsibility for any direct or indirect damages or losses or subsequent damages or losses, as well as penalties that the recipients may incur by using the press release, its contents and, in particular, all forward-looking statements or in any other way, as far as this is legally permissible. Vonovia does not provide any guarantees or assurances (either explicitly or implicitly) in respect of the information contained in this press release. Vonovia is not obliged to update or correct the information, forward-looking statements or conclusions drawn in this press release or to include subsequent events or circumstances or to report inaccuracies that become known after the date of this press release.
Document title: Debt Financing and Settlement