Cromwell Property Group, the Australian property fund manager, sought to raise up to 200 million through a convertible bond issue on Tuesday to help fund the acquisition of a European property group.
The euro-denominated convertible has a five-year maturity with no investor put. It offers a 1.875% to 2.375% yield-to-maturity and converts into Cromwell shares at a 5% to 10% premium to the January 23 closing price of A$1.07, according to a term sheet seen by FinanceAsia.
Proceeds will go towards Cromwell's 145 million acquisition of Valad Europe, a European property investments manager with 5.3 billion in assets under management.
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