conwert Immobilien launches up to €200 million 1.5% convertible bonds due 2014 to yield 2.5%-3%, up 30%-35%

By Evan Weinberger

New York - conwert Immobilien Invest AG launched up to €200 million in 1.5% convertible bonds due Nov. 12, 2014 Wednesday. The convertibles are talked to yield 2.5% to 3% with a redemption price of 107.55% to 111.49% and an initial conversion premium of 30% and 35%.

Credit Suisse and UniCredit Markets and Investment Banking are joint bookrunners of the Regulation S transaction.

The deal was expected to price Wednesday after the market close in Austria.

The convertibles are callable beginning Nov. 24, 2010 subject to a 130% hurdle. There is a put option on Nov. 12, 2010. There are standard Austrian anti-dilution, dividend and change of control protections as well as a negative pledge.

conwert Immobilien is a Vienna, Austria-based real estate management and development firm focusing on redevelopment of properties throughout Central Europe. The company plans to use the proceeds to finance the acquisition of 25 real estate management and services companies.

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