The real estate company Beni Stabili has launched the placement of convertible bonds for 200 million euros maturing in 2021. The bonds can be converted into ordinary Beni Stabili shares, subject to approval by the company's extraordinary shareholders' meeting (to be held no later than on 31 January 2016) of a capital increase with the exclusion of the option right pursuant to art. 2441 paragraph 5 of the civil code to be reserved exclusively for the service of the conversion of the aforementioned Bonds.
The initial conversion price of the bonds is 1,0001 euro, corresponding to a premium of 32,5% on the weighted average price of Beni Stabili shares recorded on the Mercato Telematico Azionario of Borsa Italiana on 23 July. The initial conversion price will be subject to possible future anti-dilution adjustments. In particular, the conversion price will be adjusted downwards to take into account any dividend distributions made by the Company in each financial year for amounts exceeding Euro 0,024 per share.
The real estate company will have the right to regulate the conversion rights by choosing whether to deliver shares, pay an amount in cash or a combination of shares and cash. The Company will submit an application for the Bonds to be admitted to trading on an internationally recognised, regularly operating, regulated or unregulated market of its choice, no later than 3 November 2015.
The proceeds from the bond issue will be used to optimize the company's financial structure by financing the repurchase of the Beni Stabili SpA Siiq Eur 225.000.000 3,375% bonds maturing in 2018 offered for sale to the Company as part of the reverse bookbuilding announced on last July 23rd.
The company will proceed with the repurchase of the existing bonds starting today, August 4, following the successful settlement of the Notes.? The placement has been addressed to qualified investors only, and the bonds have not been sold or offered in the United States of America, Canada, Australia, Japan, South Africa or in any other jurisdiction in which the offer or sale of the bonds is prohibited under applicable laws.? Banca IMI SpA, JP Morgan, Société Génerale Corporate & Investment Banking and UniCredit Bank AG, Milan Branch assisted the Company in the transaction as joint bookrunners.
