Agfa-Gevaert holders elect to exchange €42.33 million of 4.375% bonds

By Angela McDaniels

Tacoma, Wash., May 27 - Agfa-Gevaert NV received tenders for €42,329,000 of its €189 million of 4.375% bonds due June 2, 2015 during an exchange offer that began on May 8 and ended May 22, according to a company news release.

In exchange for the tendered bonds, the company will issue €42,329,000 of new 5.35% bonds due June 2, 2019. The settlement date is expected to be June 2.

The net actuarial yield of the new bonds for individuals who are tax resident in Belgium is 3.633% per year. This was calculated on the basis of a 101.708 reference market price for the 4.375% bonds on May 8 and assuming that the new bonds will be held until maturity.

The 4.375% bonds exchanged in the offer will be canceled.

Following settlement, €146,671,000 of 4.375% bonds will remain outstanding.

KBC Bank NV acted as dealer manager and centralizing agent.

Agfa-Gevaert makes analogue and digital systems for the printing industry, the health-care sector and specific industrial applications and is based in Mortsel, Belgium.

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