Austrian listed property company Conwert Immobilien Invest said on Wednesday that it is to launch an offering of senior convertible bonds with a volume of EUR 131 mln. The offering, with an over-allotment option of up to EUR 19 mln, is aimed at selected institutional investors in Austria and internationally.

Bondholders will be entitled to convert the bonds into up to approximately 12.8 million Conwert shares. The bonds, with a maturity of six years, are expected to have a semi-annual coupon in the range of 4.75% - 5.75% per annum. The company intends to list the bonds on the unregulated Third Market of the Vienna stock exchange. The closing and settlement of the offering is expected for February 1, 2010.

Barclays Capital, Credit Suisse and JP Morgan are acting as joint bookrunners and Raiffeisen Centrobank is acting as co-lead manager of the offering.

The Vienna-based real estate firm received the green light to launch the offering in May 2008.