White & Case advises bank syndicate on Vonovia’s €1.3 billion bond issuances

Global law firm White & Case LLP has advised a bank syndicate on the issuance of two series of senior unsecured convertible bonds by Vonovia SE (Vonovia).

The first series of bonds, with a total nominal amount of €650 million, will mature on May 20, 2030. The second series of bonds, also with a total nominal amount of €650 million, will mature on May 20, 2032.

The convertible bonds will be convertible into new and/or existing no-par value registered shares of Vonovia. The subscription rights of the company’s existing shareholders to the bonds have been excluded.

Vonovia intends to use the proceeds from the issuance for general corporate purposes, including debt refinancing.

White & Case has recently advised banking syndicates on a number of convertible bond issuances by German companies, particularly in the real estate sector, including LEG Immobilien’s €700 million convertible bond and TAG Immobilien €332 million convertible bond.

The White & Case team in Frankfurt which advised on the transaction was led by partner Karsten Wöckener and local partner Peter Becker and included local partner Daniel Sander and associate Darleen Stöckl.

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