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Fonciere des Regions to buy back €110 million of convertibles due 2017
By Marisa Wong
Madison, Wis., Nov. 12 - Fonciere des Regions announced it is offering to repurchase up to €110 million of its convertible bonds due Jan. 1, 2017 issued in May 2011 through a reverse bookbuilding process.
According to a press release, the company is offering to purchase 1,151,832 Ornanes, or 18% of the outstanding bonds, at a price of €95.50, excluding accrued interest, per bond.
The partial repurchase of the 2011 Ornanes is concurrent with and will be funded by the company's offering of new convertible bonds due 2019.
The company announced on Tuesday that it priced €345 million of Ornanes due 2019, which are expected to settle on Nov. 20.
The buyback will take place on Nov. 21.
Following the transaction, 5,253,945 of the 2011 Ornanes, or 82% of the original number of bonds issued, will remain outstanding.
Fonciere des Regions is a Paris-based real estate developer.
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