UPDATE 1-CA Immo's 100 mln euro convertible covered-source

VIENNA/LONDON, Nov 4 (Reuters) - Austrian property group CA Immobilien Anlagen's 100 million euro ($147 million) convertible bond attracted enough investor orders in the early morning amid solid investor demand, a person familiar with the deal said. The deal, which will be priced later on Wednesday and could be increased to 150 million euros, was covered in less than three hours, the person said. "We are happy with the bookbuilding process," a CA Immo spokesman said, declining to give details. Analysts said the convertible bonds offer a theoretical valuation of 105 to 110 -- meaning investors buying the bonds at 100 could see them trade up to 105 to 110. By comparison, Dutch semiconductor equipment-maker ASM International priced its 150 million euro convertible bonds at a theoretical valuation of 102. ASMI convertible bonds were trading at about 104.375 on Wednesday morning. CA Immo is offering investors the bond at a higher theoretical valuation partly because the stock is not very liquid and the company is in the real estate sector, which is still considered risky amid the economic downturn, analysts said. CA Immo said it planned to use the proceeds "to enhance its financial flexibility to pursue investment opportunities in the current market environment and to fund future development projects." CA Immo's five-year convertible bonds will carry a coupon between 3.75 percent to 4.5 percent, and a strike price of between 25 percent and 30 percent above the volume-weighted average share price during the accelerated boookbuilding. CA Immo shares were down 3.2 percent at 9.10 euros by 1255 GMT. They have more than doubled in value this year. Deutsche Bank and UniCredit are joint bookrunners for the deal. ($1=.6782 euros) (Reporting by Boris Groendahl and Daisy Ku; Editing by Jon Loades-Carter) Keywords: CAIMMO/CB ([e-mail]; [phone]; Reuters Messaging: [e-mail]) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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