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Soitec reports 98.74% Oceanes converted to shares in early repayment
New York, Aug. 9 – Soitec announced that holders of 16,001,014, or 98.74%, of its previously outstanding convertible bonds due Sept. 18, 2018 issued in the Oceanes structure opted to convert the securities into shares.
The remaining 204,250 were redeemed for €541,000 of cash, according to a news release.
The company announced on July 7 that it would carry out an early amortization of the convertibles on Aug. 8.
It said the transaction would reduce its debt by €41.8 million.
As of July 7, Soitec had 16,205,264 of the Oceanes outstanding, or 40.5% of the original amount, following a buyback in June.
Under the early amortization, holders had the option to receive 0.066 of a Soitec share of €2.00 par value per Oceane through July 28.
Oceanes not converted were repaid in cash on Aug. 8 at par, or €2.58 per Oceane, plus accrued interest.
The company said on May 4 that it was repurchasing 22,073,131, or 55.18%, of the Oceanes at a purchase price of €2.45 including accrued interest for a total purchase amount of €54,079,170.95.
After the reverse bookbuilding and the share capital increase, there was about 17,923,219, or 44.81%, of the Oceanes left outstanding.
Because the repurchases represented more than 30% of the Oceanes issued, the company made a standing repurchase offer in France under the same price and settlement and delivery conditions as for the reverse bookbuilding. The standing repurchase offer ran from May 5 to May 11.
As announced May 3, the company was offering to repurchase its 39,996,350 of the Oceanes at a price range of €2.25 to €2.45.
Soitec is a Bernin, France-based company that designs and manufactures semiconductor materials.
© 2015 Prospect News.
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