Arcona Property Funds redeems convertible bond

Arcona Property Funds redeems convertible bond

Published at: 2018-02-26 10:12 | Author: CIJ Journal
Arcona Property Fund N.V. has redeemed its Tranche II 2015 convertible bond, due for repayment on 20 February 2018, in full. The bond was originally issued for a sum of €1.42m with a conversion share price of €8.48, which was not reached during the term. The share price of the Arcona Property Fund was €7.70 at close of business on Monday 19 February. With the redemption of this convertible bond the Loan to Value ratio of the Arcona Property Fund falls to 52.4 percent. Alongside its bank financing, the fund now has two outstanding convertible bond obligations. One bond, in the sum of €1.07m, falls due for repayment on 1 December 2019 with a conversion share price of €8.24, and the second, in the sum of €3.5 million, falls due on 31 October 2021 with a conversion share price of €8.76.

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