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EQS-News: Vonovia SE
/ Key word(s): Financing
Vonovia SE Successfully Completes Tender Offer for Outstanding Bonds at a 11% Discount Bochum, July 11, 2023 – As part of the continued efforts to pro-actively manage its financial liabilities, Vonovia has successfully completed a cash tender offer across various of its bonds. Out of the ca. €1.25bn total nominal value offered by bond investors, Vonovia accepted the buyback of €1.0bn nominal value for a total cash consideration of €892m, reflecting a discount of ca. 11%. The 2024-2026 bonds were bought back at a fixed price/spread, and Vonovia accepted all offers received for a total nominal value of ca. €700m. The 2028-2032 bonds were tendered via a modified Dutch auction, and Vonovia accepted ca. €300m nominal value out of a total of ca. €550m offered. This liability management exercise enabled Vonovia to reduce its debt position, improve its debt coverage ratios and strengthen its financial position within its credit ratings. As a result of the bond buyback, Vonovia‘s annual FFO cash interest payments are reduced by ca. €14m, and the ICR improves from 4.9x to 5.1x (on a Q1 2023 pro forma basis). Following the bond buyback, Vonovia now has unsecured debt of €1.4bn outstanding in 2023 and €1.9bn in 2024. This compares to a cash position of €2.2bn, including outstanding payments from disposals and loans signed but not drawn yet and excluding the €3bn revolving credit facility. Vonovia continues to work towards rolling over all of its secured financial liabilities as well as additional secured loans, as guided. Conversations with the respective lenders are going fully according to plan. The detailed buyback results can be found here.
Vonovia SE is Europe’s leading private residential real estate company. Vonovia currently owns more than 549,000 residential units in all attractive cities and regions in Germany, Sweden and Austria. It also manages around 72,800 apartments. Its portfolio is worth approximately € 95 billion. As a modern service provider, Vonovia focuses on customer orientation and tenant satisfaction. Offering tenants affordable, attractive and livable homes is a prerequisite for the company’s successful development. Therefore, Vonovia makes long-term investments in the maintenance, modernization and senior-friendly conversion of its properties. The company is also creating more and more new apartments by realizing infill developments and adding to existing buildings. The company, which is based in Bochum, has been listed on the stock exchange since 2013. Since September 2015 Vonovia has been a constituent in the DAX 30 (today DAX 40) and since September 2020 in the EURO STOXX 50. Vonovia SE is also a constituent of additional national and international indices, including DAX 50 ESG, Dow Jones Sustainability Index Europe, STOXX Global ESG Leaders, EURO STOXX ESG Leaders 50, FTSE EPRA/NAREIT Developed Europe, and GPR 250 World. Vonovia has a workforce of approximately 15,900 employees. Approval: Regulated Market/Prime Standard, Frankfurt Stock Exchange ISIN: DE000A1ML7J1 | WKN: A1ML7J | Common code: 094567408 Registered headquarters of Vonovia SE: Bochum, Germany, Bochum Local Court, HRB 16879 Business address of Vonovia SE: Universitaetsstrasse 133, 44803 Bochum, Germany
This press release has been issued by Vonovia SE and/or its subsidiaries solely for information purposes. This press release may contain statements, assumptions, opinions and predictions about the anticipated future development of Vonovia (“forward-looking statements”) that reproduce various assumptions regarding, e.g., results derived from Vonovia’s current business or from publicly available sources that have not been subject to an independent audit or in-depth evaluation by Vonovia and that may turn out to be incorrect at a later stage. All forward-looking statements express current expectations based on the current business plan and various other assumptions and therefore come with risks and uncertainties that are not insignificant. All forward-looking statements should not therefore be taken as a guarantee for future performance or results and, furthermore, do not necessarily constitute exact indicators that the forecast results will be achieved. All forward-looking statements relate solely to the day on which this press release was issued to its recipients. It is the responsibility of the recipients of this press release to conduct a more detailed analysis of the validity of forward-looking statements and the underlying assumptions. Vonovia accepts no responsibility for any direct or indirect damages or losses or subsequent damages or losses, as well as penalties that the recipients may incur by using the press release, its contents and, in particular, all forward-looking statements or in any other way, as far as this is legally permissible. Vonovia does not provide any guarantees or assurances (either explicitly or implicitly) in respect of the information contained in this press release. Vonovia is not obliged to update or correct the information, forward-looking statements or conclusions drawn in this press release or to include subsequent events or circumstances or to report inaccuracies that become known after the date of this press release.
11.07.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
| Language: | English |
| Company: | Vonovia SE |
| Universitätsstraße 133 | |
| 44803 Bochum | |
| Germany | |
| Phone: | +49 234 314 1609 |
| Fax: | +49 234 314 2995 |
| E-mail: | investorrelations@vonovia.de |
| Internet: | www.vonovia.de |
| ISIN: | DE000A1ML7J1 |
| WKN: | A1ML7J |
| Indices: | DAX |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1677773 |
| End of News | EQS News Service |
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1677773 11.07.2023 CET/CEST
