Arcona Property Fund N.V. replaces convertible bonds
2 November 2021
Arcona Property Fund N.V., a listed fund that invests in commercial real estate in Central Europe, has reached an agreement with the two providers of the convertible bonds which expired on October 31, 2021. The bonds, amounting to EUR 3.5 million, will be replaced by two short-term loans.
The expired convertible bonds had a conversion rate of EUR 8.76. The interest was 6.5%. The replacement loans are not convertible into Arcona Property Fund shares. The interest rate rises to 8%.
The management is planning to repay these loans in full from asset sales in the coming weeks/months. The Fund has made substantial further progress recently in the sale of non-core real estate and expects to be able to inform the market about this in the short term.
|
Arcona Property Fund N.V. replaces convertible bonds 2 November 2021 |
Download PDF |
