Altran greenshoe exercised, raising convertibles to €230 million

New York, July 6 - Altran Technologies said the underwriters of its recent offering of 4.5-year convertible bonds in the Oceanes structure exercised the €26.8 million over-allotment option in full, raising the size of the deal to €230 million.

The Paris-based science and engineering consulting company originally priced €203.2 million of the securities after the close on July 1 to yield 3.75% with a 30.4% initial conversion premium.

Calyon was bookrunner for the deal.

Altran said the offering is intended to boost its financial strength by diversifying its sources of financing, lengthening its debt maturities and potentially increasing its capital.

Specifically, proceeds will be used to repay the convertible due Jan. 1, 2005 that was issued in July 2000. As of Dec. 31, 2003, there was €355 million of the old securities outstanding.

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