Vonovia Successfully Places Upsized EUR 850 Million Convertible Bonds

Vonovia SE has announced the successful placement of EUR 850 million in senior, unsecured convertible bonds, a significant increase from the initially planned EUR 750 million. The bonds are set to mature on June 30, 2031, and are convertible into new or existing ordinary shares or repayable in cash.

Exclusion of pre-emptive rights allowed the offering to target institutional investors via a private placement, avoiding public distribution in restricted jurisdictions like the US and others. The bonds, in denominations of EUR 100,000, will be issued at their principal amount, bearing no periodic interest.

Unless converted, bonds will be redeemed at 109.78% of their principal amount. An initial conversion price of EUR 28.0402 indicates a premium of 37.5% over the reference share price. Settlement is expected around June 30, 2026, with trading on the Frankfurt Stock Exchange anticipated.