A team led by Cologne-based Partner Dr. Thorsten Kuthe advised SeniVita Social Estate AG on issuing two new SME bonds totaling up to EUR 30 million. SeniVita intends to use the proceeds from the issue to refinance the 6.5 percent 2015/20 convertible bond of EUR 45 million due in May 2020 and to finance its current business activities.
SeniVita expects to issue a 2019/23 four-year bond of up to EUR 20 million with an annual interest rate of 7 percent. The new issue is to be secured by first-ranking land charges with their safekeeping monitored by means of a collateral trustee agreement. The second new issue 2019/24 for up to EUR 10 million has no collateral and will run for five years. Investors will receive a coupon of 9 percent annually as compensation.
SeniVita Social Estate AG is a developer of residential care properties in Germany. The Bayreuth-based company assumes planning, project planning, implementation, and marketing of the properties and organizes leasing, facility management, and property management. It is SeniVita’s objective to build and market between four and ten nursing home properties according to the AltenPflege 5.0 Nursing Care for the Elderly concept (Assisted Living plus+) throughout Germany annually. Nine projects are currently in development.
Counsel to SeniVita Social Estate AG
Heuking Kühn Lüer Wojtek:
Dr. Thorsten Kuthe (Lead, Stock Corporation Law and Capital Markets),
Anna Richter, LL.M.,
Dr. Gero Lingen (all Stock Corporation Law and Capital Markets),
Stefan Westerheide, LL.M. oec (Corporate),
Dr. Thorsten Leisbrock,
Dr. Sascha Schewiola (Employment), all Cologne
Sven Johannsen (Capital Markets),
Fabian G. Gaffron,
Dr. Sarah Slavik-Schulz (both Tax), all Hamburg
Dr. Christoph F. Wetzler (Finance),
Bernd Weller (Employment), both Frankfurt
Dr. Anne de Boer, LL.M. (RSA) (Capital Markets), Stuttgart
Maren Stötter (Real Estate), Berlin