Eurazeo changes exchange ratio for €700 million of Danone 6.25% bonds

By Susanna Moon

Chicago, June 26 - Eurazeo SA said it adjusted the exchange ratio for its €700 million of 6.25% bonds due 2014 exchangeable into Danone SA common stock.

Each bond is now exchangeable for 1.0623 Danone shares. Each bond was originally exchangeable for one Danone share.

The company said it changed the ratio after Danone issued 123,236,352 new shares on Thursday.

Eurazeo priced the offering on May 28 with an initial conversion premium of 25% over the volume-weighted average price of the stock on May 28.

In all, Eurazeo issued 15,469,613 of the bonds at €45.25 each.

The Danone shares underlying the bonds represent about 56% of Eurazeo's holdings.

Eurazeo is a Paris-based investment company. Danone is a Paris-based food processing company.

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