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Michelin says noteholders may convert Oceanes due 2017 until Dec. 22
By Susanna Moon
Chicago, Dec. 1 – Compagnie Generale des Etablissements Michelin announced a conversion option on its zero-coupon convertible senior unsecured bonds due Jan. 1, 2017 issued in the Oceane structure.
The Oceanes are convertible until Dec. 22 or may be redeemed in cash on Jan. 2, according to the company notice.
The conversion ratio is 1.036 shares per Oceane.
Noteholders who have not exercised their conversion or exchange right will receive at redemption €103.82 per Oceane plus €35.75 of interest, for a total amount of €139.57 per Oceane.
Holders may send their conversion or exchange requests to Caceis Corporate Trust.
The company issued €700 million of the 10-year Oceanes on March 21, 2007.
Michelin is a Clermont-Ferrand, France-based tire maker.
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