13 Sep 2016 18:10
13 September 2016
BCRE - Brack Capital Real Estate Investments N.V.
("BCRE" or the "Company")
Contemplated Issuance of Convertible Bonds
The Company announces that it intends to issue convertible bonds ("Convertible Bonds") in a maximum aggregate principal amount of EUR 30,000,000, convertible into ordinary shares in the capital of the Company.
The Convertible Bonds are expected to have the following characteristics:
· The Convertible Bonds will pay a fixed coupon of approximately 4.25% per annum.
· The Convertible Bonds will have a term of approximately 3.5 years.
· Interest will be payable annually in arrears and the Convertible Bonds will be redeemed at the end of the term (unless previously converted or purchased and cancelled).
· Upon exercise of the bondholders' conversion rights at any time during the term of the Convertible Bonds, the bondholders will receive ordinary shares in the capital of the Company at the then prevailing conversion price. The initial bondholder conversion price will be approximately EUR 1.50 which can be adjusted in accordance with the terms and conditions of the Convertible Bonds.
· The Company will have the option to call for conversion only upon the redemption date or enforcement events. The initial issuer conversion price will be approximately EUR 0.70 which can be adjusted in accordance with the terms and conditions of the Convertible Bonds.
· The net proceeds of the issuance of the Convertible Bonds are intended to be used for the refinancing of existing or future debt upon or prior to their maturity, to make investments and/or for general corporate purposes.
· Application has been made for the admission of the Convertible Bonds on the Marché Libre segment of Euronext Paris.
A copy of the terms and conditions of the Convertible Bonds will be made available upon issuance of the Convertible Bonds for inspection at the Company's website http://www.brack-capital.com. The Company shall announce the definitive characteristics when the issuance is final.
ENQUIRIES:
BCRE - Brack Capital Real Estate Investments N.V. | |
Ariel Podrojski, Chief Executive Officer | |
Nansia Koutsou, Chief Financial Officer / Chief Operating Officer | +31 20 514 1004 |
Novella Communications | |
Tim Robertson | |
Toby Andrews | +44 203 151 7008 |
DISCLAIMER - INTENDED ADDRESSEES
The Convertible Bonds have not been and will not be registered under the United States Securities Act of 1933, as amended ("Securities Act") and are subject to US tax law requirements. Subject to certain exceptions, the Bonds may not be offered, sold or delivered in the United States or to or for the account of US persons (as defined in Regulation S under the Securities Act).
No prospectus is required in accordance with directive 2003/71/EC, as amended, for the issue and offering of the Bonds.
This announcement is for information purposes only and is not a prospectus and does not constitute an offer to subscribe for or buy the Convertible Bonds or other securities of the Company ("Securities") in any jurisdiction. This announcement and the fact of its distribution is not and should not be seen as an inducement in relation to a decision to purchase Securities.
The contents of this announcement have been prepared by and are the sole responsibility of the Company.