on TAG Tegernsee Immobilien U. Beteiligungs AG (ETR:TEG)
TAG Immobilien AG Completes EUR 300m Bond Issuance for Polish Acquisition
TAG Immobilien AG has issued a EUR 300 million bond to complete refinancing for acquiring approximately 5,300 rental units in Poland. This unsecured, fixed-rate bond, with a 6.5-year term and a 3.625% coupon, was in high demand, being oversubscribed more than eight times by institutional investors.
The bond issue marks the final step of refinancing after a prior capital raise of EUR 186 million and a tap issue yielding EUR 102 million. These steps allowed TAG to avoid utilizing a EUR 600 million bridge facility, preserving their liquidity.
The acquisition and successful refinancing have resulted in S&P Global raising TAG's BBB- rating outlook to 'positive', aligning with Moody's. TAG's strategy to leverage financial strength for growth opportunities appears validated by strong market interest and improved credit ratings.
R. P.
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