Brack Capital Real Estate Investments intends to issue convertible bonds in a maximum aggregate principal amount of €30,000,000, convertible into ordinary shares.
It is expected that the bonds will pay a fixed coupon of approximately 4.25% per annum and 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).
Bondholders exercising their conversion rights during the term of the bonds will receive ordinary shares in the capital of the company at the then prevailing conversion price. The initial bondholder conversion price will be approximately €1.50 which can be adjusted in accordance with the terms and conditions of the 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 €0.70 which can be adjusted in accordance with the terms and conditions of the bonds.
The net proceeds 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.
At 8:37am: (LON:BCRE) Brack Capital Real Estate Investments N.V. share price was 0p at 1.13p