5 Subsequent Events
As part of its ongoing efforts to be proactive in managing its financial liabilities, Vonovia successfully completed a cash offer for a number of bonds.
Out of the total nominal value offered by the bond investors amounting to approximately € 1.25 billion, Vonovia accepted the buyback of a nominal value of € 1.0 billion for a total value of € 892.0 million. This corresponds to a discount of around 11%.
Vonovia also reached an agreement on secured financing of € 125.0 million with NordLB on June 29, 2023, disbursement of which is scheduled for August 2023.
On June 30, 2023, Vonovia concluded a secured financing agreement with a volume of € 130.0 million with UniCredit. This is scheduled for disbursement in the third quarter of 2023.
Another agreement on secured financing of € 175.0 million was reached with Berliner Sparkasse on July 5, 2023, and will be disbursed in July 2023.
In order to manage its interest rate risk, Vonovia also concluded five interest rate swaps in the period between June 30, 2023 and July 6, 2023. These were supplemented by a forward interest rate swap concluded on July 5, 2023.
The interest rate swaps will run for between 3.5 years and 6.25 years and hedge a total nominal amount of € 775.0 million.
The forward interest rate swap, with a nominal value of € 500 million and a term of ten years, will take effect in 2024.
The interest rate hedges exchange a 3M or 6M Euribor for a fixed interest rate of between 2.989% and 3.513%.