Cerha Hempel has advised CA Immobilien Anlagen AG on its EUR 500 million benchmark bond issuance. Linklaters advised sole global coordinator J.P. Morgan and joint book-runners Erste Group, J.P. Morgan, and Morgan Stanley.
According to Cerha Hempel, “CA Immo tapped the Eurobond market for the first time and successfully placed a EUR 500 million fixed-rate senior unsecured bond with a seven-year maturity and an annual coupon of 0.875% on January 28, 2020. The bond trades on the Official Market of the Vienna Stock Exchange. The international rating agency Moody’s Investors Service has assigned an investment grade rating of Baa2 to the bond. CA Immo's long term rating is also Baa2 with a stable outlook.”
The bond issue was combined with a liability management transaction, a simultaneous repurchase of outstanding bonds issued by CA Immo that were soon to mature. Cerha Hempel reports that “CA Immo invited the holders of outstanding 1.875% bonds due 2021 to submit offers for the repurchase of these bonds at a purchase price of 102.55%, of 2.750% bonds due 2022 at a purchase price of 105.10%, and of 2.750% bonds due 2023 at a purchase price of 107.10%. Bonds in the aggregate face value of EUR 98.5 million (corresponding to an offer quota of 21.2%) have been offered to CA Immo. CA Immo decided to fully accept the total amount of Notes tendered. The transaction closed on February 5, 2020.”
Cerha Hempel’s team included Partner Volker Glas, Attorney Christian Aichinger, and Associate Mathias Drescher.
Linklaters' Frankfurt-based team included Partners Alexander Schlee and Peter Waltz, Managing Associate Martin Rojahn, and Associate Rowina Ullner.