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Correction: Veolia repurchases €652.64 million convertibles due 2021
A story in the Sept. 6 edition of Prospect News reported the incorrect amount of convertible bonds repurchased by Veolia Environnement SA. A corrected version of the story appears below and uses figures from a corrected news release issued by Veolia on Monday.
By Rebecca Melvin
New York, Sept. 5 – Veolia Environnement SA has accepted the repurchase of 21,761,956 convertible bonds due March 2021 in the Oceane structure in an aggregate principal amount of €652,641,060.44, representing about 93% of the total number of the 2021 Oceanes initially issued, according to a company news release.
The repurchase price per 2021 Oceane was set at €30.31.
The settlement of the repurchase is expected to take place on Sept. 13, subject to the settlement of a new issue offering on Sept. 12. The 2021 Oceanes accepted in the repurchase will be canceled.
The company plans to redeem the remaining 2021 Oceanes at par.
Veolia Environnement is funding the repurchase with the proceeds of about €700 million of convertible bonds due Jan. 1, 2025, which priced at 103.25 to yield negative 0.6% and with an initial conversion premium of 35%.
The increase option was exercised in tandem with the €500 million base deal.
The bonds had been talked at an issue price range of 103.25 to 106.05 for a yield between negative 1.1% and negative 0.6% and an initial conversion premium of 35% to 40% above the share reference price.
The nominal unit value of the bonds was set at €30.41, corresponding to the 35% premium above the company’s reference share price on the regulated market of Euronext in Paris.
Veolia is an environmental services provider based in Paris.
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