CMJ Holdings plans exchange for €222 million convertibles

By William Gullotti

Buffalo, N.Y., Oct. 21 – CMJ Holdings SA expects to propose an any and all exchange offer to holders of its €222 million convertible zero coupon notes due Dec. 15 (ISIN: XS1336192163) for new €222 million convertible zero coupon notes due Dec. 15, 2029, according to a notice on Friday.

In addition to potentially exchanging their notes for new notes on Dec. 5, noteholders may also require either redemption or conversion of the old notes.

With the proposal, CMJ is seeking confirmation that noteholders do not wish to apply for conversion and that they agree to waive the requirement to be provided with a valuation of the group in view of a conversion. Any noteholder that does not submit a vote will be considered as having agreed on the waiver of the conversion right and the related valuation.

The votes are irrevocable and must be submitted to Banque International à Luxembourg SA no later than 10 a.m. ET on Oct. 27.

Based in Luxembourg, CMJ is a holding company with subsidiaries involved in French hotel, wine production and real estate industries.

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