Taylor Wessing has advised Grand City Properties on its successful issue of €150m (£125m) senior secured five-year convertible bonds convertible into new and/or existing ordinary shares in Grand City Properties.
Following an accelerated book-building process, the nominal coupon for the convertible bond was fixed at 1.50 per cent per annum. JP Morgan acted as sole global co-ordinator, with Berenberg and Deutsche Bank as joint bookrunners and Anoa Capital as co-manager in relation to the transaction.
Grand City Properties intends to use the proceeds for the acquisition of further property portfolio in Germany.
The Taylor Wessing team advising Grand City Properties on the bond issue comprised Russell Holden (partner, corporate/capital markets, London), Marc-Oliver Kurth (partner, corporate/capital markets, Berlin), Alexandra Richardson and Edward Hooper (associates, corporate/capital markets, London) and Dr Norman Röchert and Sebastian Klabunde (associates, corporate/capital markets, Berlin).