Peach Property places 50 million bond
According to the real estate group, approximately CHF 37 million of the subscribed volume of the convertible bond is accounted for by new subscriptions.
Peach Property Group, which invests primarily in rental apartments in Germany, has placed its CHF 50 million convertible bond on the market. According to the company, around CHF 37 million of the subscribed volume is attributable to new subscriptions, while the remaining around CHF 13 million is attributable to subscriptions by investors in the existing hybrid bond with warrants. These can exchange their shares at a ratio of 1:1 of the nominal value, plus accrued interest.
The interest coupon of the nine convertible bonds is 3% p.a., the conversion price is CHF 15 and the maturity date is May 16, 2026. The issue price is 100% of the nominal value. Interest is paid annually, for the first time on May 16, 2024.
Peach can convert the bond into Peach Property Group shares annually during the term within two conversion windows of five trading days each; for the first time on December 15 of this year. Depending on the actual volume converted, Peach Property will issue up to 3.3 million new registered shares with a par value of CHF 1 from the conditional capital during the term. This would correspond to 16% of the company's current outstanding share capital. (ah)
