Vienna- and Warsaw-listed property group Immofinanz has placed €500 mln of fixed-rate senior unsecured notes with a four-year maturity and 2.65% coupon.
According to the firm, the net proceeds of the issue of the notes will be used for the refinancing of existing debt and general corporate purposes.
'This transaction represents an important milestone for Immofinanz in further diversifying the funding sources with an investment grade rated unsecured instrument, while the refinancing of existing debt will secure currently low interest rates and increase the hedging quota,' said Stefan Schönauer, chief financial officer of Immofinanz.
'The investment grade rating underlines the success of our consistent strategy implementation, which has resulted in a very solid financial profile and a sustainable improvement in profitability. Additionally, the transaction also constitutes the first ever rated benchmark bond by an Austrian real-estate company.'
S&P Global Rating has assigned a 'BBB-' long-term issuer credit rating to Immofinanz and a 'BBB-' issue rating to the notes.
The notes have a denomination of €100,000 each and will be listed at the regulated market of the Luxembourg Stock Exchange. An application will be made to introduce the notes for trading on the Third Market (MTF) of the Vienna Stock Exchange, Immofinanz said.
Deutsche Bank, J.P. Morgan, Société Generale and UniCredit acted as joint bookrunners and joint lead managers.