Vonovia SE Launches €1.3 Billion Convertible Bond Offering

Vonovia SE, a major property company based in Bochum, has announced its plan to offer €1.3 billion in convertible bonds. This offering will consist of two series, each valued at approximately €650 million. The first series, due in May 2030, will have no periodic interest, while the second series, due in May 2032, will offer a 0.875% annual coupon.

The bonds are convertible into up to 32 million ordinary shares. The issuance targets institutional investors outside the US in a private placement. Vonovia plans to list the bonds on the Frankfurt Stock Exchange's Open Market.

The proceeds will be used primarily for general corporate purposes and debt refinancing. The final terms will be disclosed later. Vonovia has agreed to a 90-day lock-up period following the issue date, scheduled for around May 20, 2025.