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Allen & Overy advises banks on the placement of convertible bonds issued by TAG Immobilien AG with an aggregate principal amount of EUR 262 million

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Dr Knut Sauer

Partner

Frankfurt am Main

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24 August 2017

Allen & Overy LLP advises Deutsche Bank as sole global coordinator and joint bookrunner as well as Berenberg and Credit Suisse as joint bookrunners in connection with the placement of convertible bonds issued by TAG Immobilien AG with an aggregate principal amount of EUR 262 million. 

The convertible bonds, which pay a coupon of 0.625% p.a. and will mature in September 2022, were placed at 100% of their principal amount and are convertible into approximately 14.6 million new or existing TAG shares or may be repaid in cash. The initial conversion price amounts to EUR 17.9331, representing a conversion premium of 30% above the reference share price and a premium of 54% above the Company's EPRA NAV of EUR 11.65 as at 30 June 2017. 

The bonds have been placed exclusively with institutional investors in certain jurisdictions (other than the United States, Australia, Canada and Japan) by way of a private placement excluding the shareholders' pre-emptive rights.
The Company intends to use the net proceeds raised from the issue of the convertible bonds for general corporate purposes including the refinancing of existing indebtedness.

The Allen & Overy team was led by Frankfurt partner Dr. Knut Sauer and comprised partner Marc O. Plepelits, senior associate Martin Schmidt and associate Nadine Kämper (all Equity Capital Markets, Frankfurt).

In-house advice was provided at Deutsche Bank by Dr. Joachim Schelm and Dr. Roland Schmidtbleicher, at Berenberg by Christian Wöckener-Erten and at Credit Suisse by Dr. Ann-Katrin Wilczek.