IMMOEAST AG
IMMOEAST AG: IMMOEAST issues Promise of Guarantee in the Context of the Convertible Bond Exchange Offer by IMMOFINANZ
IMMOEAST AG / Corporate Action Release of an Ad hoc announcement, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Ad-hoc IMMOEAST AG IMMOEAST issues Promise of Guarantee in the Context of the Convertible Bond Exchange Offer by IMMOFINANZ In the context of the exchange offer by IMMOFINANZ, IMMOEAST AG has issued a promise of guarantee to the holders of the convertible bonds who will be accepting the exchange offer by IMMOFINANZ AG announced today. This guarantee is collateralising claims under the new convertible bonds. In the context of the exchange offer, IMMOFINANZ offers holders of the two outstanding convertible bonds due 2014 and 2017, respectively, to exchange five of their convertible bonds due 2014 or 2017 each for two new convertible bonds plus a cash bonus of EUR 5,000 for each existing convertible bond tendered. The strike price of the new convertible bond is set at EUR 2.00 per share. As set forth in the ad hoc announcement issed by IMMOFINANZ AG, the outstanding nominal value of the convertible bonds of IMMOFINANZ would be reduced from EUR 1.5 bn to EUR 600 million, and the company's equity would be increased by up to EUR 825 million, assuming full acceptance of the exchange offer. IMMOEAST has decided to guarantee the redemption claim as well as the interest claims of the holders of the new convertible bonds up to the aggregate amount of EUR 600 million plus accrued interest and thus to create a considerable incentive for accepting the exchange offer. This measure is justified by the business interests of IMMOEAST in the improvement of the net assets, the financial position and the operating results of its parent company IMMOFINANZ due to existing economic and legal interdependencies between IMMOFINANZ and IMMOEAST, and their subsidiaries, respectively. IMMOEAST and its subsidiaries have claims against IMMOFINANZ, the settlement of which is secured by an improvement of the economic situation of IMMOFINANZ. The success of the exchange offer also considerably contributes to the avoidance of an insolvency of IMMOFINANZ and resulting adverse effects on IMMOEAST. For its promise of guarantee IMMOEAST receives an adequate commission, at arm's length conditions. IR Contact: Margit Hermentin Head of Investor Relations IMMOFINANZ & IMMOEAST AG A-1120 Wien, Gaudenzdorfer Gürtel 67 Tel.: + 43/1/532 06 39 - 0 Fax: +43/1/532 06 39-790 e-mail: m.hermentin@immofinanz.com m.hermentin@immoeast.com www.immofinanz.com www.immoeast.com Press contact: Brandstätter Business Communications Dr. Helmut Brandstätter info@brandstaetter.tv tel: + 43 1 90767 67 06.04.2009 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: IMMOEAST AG Gaudenzdorfer Gürtel 67 1120 Wien Österreich Phone: 0043 1 536 16-419 Fax: 0043 1 536 16-491 E-mail: investor@immoeast.com Internet: http://www.immoeast.at ISIN: AT0000642806 WKN: A0BLUL Listed: Freiverkehr in Berlin, München, Stuttgart; Open Market in Frankfurt; Foreign Exchange(s) Wien End of News DGAP News-Service ---------------------------------------------------------------------------
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