Grand City Properties S.A., / Key word(s): Bond
GRAND CITY PROPERTIES S.A.: 99.7% of the Convertible Bonds 2012-2017 converted and additional latest acquisitions
Luxembourg, 13 October 2013 - Grand City Properties S.A. (the 'Company') announces that it has now received additional conversion notices in respect of the Convertible Bonds (Series A, XS0839410221, WKN A1HBF8) (the 'Convertible Bonds') representing EUR9.1million in respect of the Convertible Bonds. Consequently, a total of EUR99.7million in principal value of the Convertible Bonds have been converted into equity share capital in the Company.
As a result of the recent conversions in respect of the Convertible Bonds, the equity share of the Company has increased by EUR9.1million, resulting in a decrease of debt in the same amount, which aggregates to a total amount of EUR99.7 million of all conversions. Due to the recent conversions of Convertible Bonds, 2,275,000 new shares were issued by the Company, accumulating to 24,925,000 of new shares as a result of such conversions. The Company's total number of issued shares as at the date of this announcement equals 88,425,000.
As at today's date, EUR300,000 of the Convertible Bonds remain outstanding and will be redeemed on October 18th
After the full redemption of the remaining Convertible Bonds on October 18th, all obligations of the Company in respect of the Convertible Bonds will be fully cancelled.
In addition and as a result of the latest acquisitions the Company's portfolio reached approx. 22,000 units representing annualised (12 * October 2013) gross rental income of approx. EUR150 million, including signed deals.
About Grand City Properties
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