Arcona Property Fund N.V. redeems convertible bond
Arcona Property Fund N.V. has redeemed its Tranche II 2015 convertible bond, due for repayment on 20 February 2018, in full. The bond was originally issued for a sum of EUR 1.42 million with a conversion share price of EUR 8.48, which was not reached during the term. The share price of the Arcona Property Fund was EUR 7.70 at close of business on Monday 19 February.
With the redemption of this convertible bond the Loan to Value ratio of the Arcona Property Fund falls to 52.4%.
Alongside its bank financing the Fund now has two outstanding convertible bond obligations. One bond, in the sum of EUR 1.07 million, falls due for repayment on 1 December 2019 with a conversion share price of EUR 8.24, and the second, in the sum of EUR 3.5 million, falls due on 31 October 2021 with a conversion share price of EUR 8.76.