Air France says 99.96% of holders convert Oceanes due 2023

By Wendy Van Sickle

Columbus, Ohio, Nov. 9 – Air France-KLM said holders of nearly all of its convertible bonds in the Oceane structure due Feb. 15, 2023 have exercised their right to convert their Oceanes into shares.

The company said in a Thursday announcement that it has received exercise notices for 53,359,937, or 99.96%, of the Oceanes, giving delivery rights for the same number of shares.

The conversions come after the company’s Oct. 16 announcement that it would exercise its right to redeem the Oceans on Nov. 15 at €10.30 plus accrued interest up to the redemption date for a total amount of €10.45638 per Oceane.

Air France stock closed at €12.90 on Oct. 16.

The bonds were convertible until Nov. 6.

On Friday, 33,097,018 new shares will be delivered to the holders of Oceanes who sent their exercise notice before Oct. 31.

On Nov. 15, 20,262,919 new shares will be delivered to holders who sent their exercise notices After Oct. 31 but before the conversion deadline.

A total of €249,000 in cash will be paid on Nov. 15 to holders who did not exercise their conversion right.

The company's share capital will increase by €53,359,837 to €428,634,035.

Air France is a Roissy, France-based airline.

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