DGAP-Adhoc: IVG Immobilien AG: IVG Immobilien AG presents key points of refinancing plan

IVG Immobilien AG / Key word(s): Capital Reorganisation

31.05.2013 21:07

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

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Bonn, 31 May 2013. IVG Immobilien AG has made further progress in
developing a comprehensive financing strategy, as announced on 27 March
2013, with the aim of reaching a mutually agreed solution in the interests
of all stakeholders. To date, the review has shown that IVG must reduce its
existing liabilities by up to EUR 1.35 billion and by a further EUR 400
million (hybrid bond) to bring its loan-to-value ratio and its interest
coverage ratio to a normal market level, thereby making it
fit for the capital markets once again in the longer term.

As part of the ongoing development of a long-term financing strategy, all
divisions and their carrying amounts are also currently subject to a
strategic review. In this context, it is likely that further adjustments to
the value of certain balance sheet items will be made, although the amount
of these adjustments is currently unknown.

For the individual lenders, the current refinancing plan stipulates in
particular a capital increase by way of contributions of bank loans
(SynLoan I) and convertible and hybrid bonds (debt/equity swap) in line
with the relevant lender's ranking within the capital structure. In
preparation for this, IVG plans to restructure its convertible bond in
accordance with the English legal system, which requires an approval rating
of 75%, as well as restructuring its hybrid bond in line with the 2009
German Bond Act.

To allow sufficient time for the talks with all major lenders that are
currently in progress and that are required in order to implement the
financing strategy, IVG has decided not to hold the company's Annual
General Meeting in Bonn until 30 August 2013. The company wishes to note
that the key aspects of a mutually agreed solution with all lenders must be
reached before 20 July 2013 (the date on which the invitation to the 2013
Annual General Meeting will be sent to the Federal Gazette) so that this
can be presented to the shareholders and put to a vote at the
Annual General Meeting on 30 August 2013.

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Language: English
Company: IVG Immobilien AG
Zanderstr. 5-7
53177 Bonn
Germany
Phone: +49 (0)228 844-400
Fax: +49 (0)228 844-372
E-mail: ir@ivg.de
Internet: www.ivg.de
ISIN: DE0006205701, DE000A0JQMH5
WKN: 620570, A0JQMH
Indices: SDAX
Listed: Regulierter Markt in Berlin, Düsseldorf, Frankfurt (Prime
Standard), München; Freiverkehr in Hamburg, Hannover,
Stuttgart

End of Announcement DGAP News-Service

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