Financing structure
The major financial liabilities of IMMOFINANZ Group comprise liabilities from convertible bonds, amounts due to financial institutions and amounts due to local authorities.
The following table shows the individual positions as of 31 January 2012:
The following table shows the individual positions as of 31 January 2012:
Financial liabilities as of 31 January 2012
Convertible bonds
The holders of the 2014 (CB 2014) and 2017 (CB 2017) convertible bonds have or had the option to put these securities in 2012. In order to refinance these convertible bonds, IMMOFINANZ AG issued another convertible bond (CB 2018) on 03/03/2011 with a nominal value of EUR 515,122,331.0. The proceeds from the CB 2018 were used primarily to repurchase the CB 2014 and CB 2017.
The convertible bond liabilities as of 31/01/2012 are presented in the following table:
The convertible bond liabilities as of 31/01/2012 are presented in the following table:
Convertible bonds as of 31 January 2012
During the reporting period, the holders of the CB 2014 had the option to put these securities to IMMOFINANZ AG. This window closed on 09/01/2012, with EUR 77.6 million of the CB 2014 registered for repayment. The bonds were redeemed on 19/01/2012 with internally available funds. The outstanding nominal amount of EUR 25.7 million is due at the end of the term on 20/01/2014.
The portion of the convertible bond 2011 that was not previously exchanged (EUR 4.9 million), including accrued interest, was redeemed on 22/12/2011 with internally available funds.
The portion of the convertible bond 2011 that was not previously exchanged (EUR 4.9 million), including accrued interest, was redeemed on 22/12/2011 with internally available funds.
