Air France plans to redeem Oceane convertibles due 2023 on Nov. 15

By Sarah Lizee

Olympia, Wash., Oct. 16 – Air France-KLM plans to redeem its convertible bonds in the Oceane structure due Feb. 15, 2023, according to a notice from the issuer.

As of Monday, 53,383,705 Oceanes remain outstanding out of a total of 53,398,058 initially issued.

Unless holders exercise their conversion right, the Oceanes will be redeemed on Nov. 15 in cash at par of €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 Monday.

The bonds are convertible until Nov. 6. The conversion ratio is one share per Oceane.

Assuming that all holders exercise their conversion right, a maximum of 53,383,705 new shares would be issued, representing 14.23% of Air France’s share capital.

Air France is a Roissy, France-based airline.

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