Swiss Prime Site successfully placed CHF 275 million convertible notes due 2030 at an interest rate of 1.625% per cent per annum
PRESS RELEASE Zug, 23 May 2023
Swiss Prime Site today raised financing with the issuance of CHF 275 million convertible loan notes (the «Convertible Loan Notes») via ELM B.V., a repackaging vehicle incorporated in the Netherlands. ELM in turn issues its own 7-year exchangeable notes (the «Exchangeable Notes» and together with the Convertible Loan Notes the «Notes») secured by the Convertible Loan Notes. These Exchangeable Notes have been successfully placed to investors in and outside Switzerland and pricing of both Notes has been determined based on an accelerated bookbuilding process today. On the back of strong investor demand, with multiple-times oversubscription, the issuance was upsized from the initial amount of CHF 250 million to CHF 275 million. The Notes will carry a fixed coupon of 1.625% per annum, payable annually in arrear. The Reference Share Price is CHF 77.42, which is the volume weighted average price of the Shares on the SIX Swiss Exchange between launch and pricing on 23 May 2023. The initial conversion price of the Notes has been set at CHF 85.16, representing a 10% premium above the Reference Share Price. Through this new equity-linked financing, Swiss Prime Site reinforces its diversified and conservative funding strategy using the wide range of funding instruments available, extends its average debt maturity and raises financing at attractive terms. The net proceeds received by Swiss Prime Site will be used for refinancing the expiring convertible bond and for real estate projects that are defined in accordance with its Green Finance Framework. The Exchangeable Notes will not be classified as green instruments. The settlement and payment date of the Notes is expected to be on or around 31 May 2023. If you have any questions, please contact: |