Suez to complete buyback of bonds exchangeable for Fortis

New York, March 30 - Suez said it will reopen its exchange offer on Friday to buy back the remainder of its bonds exchangeable for Fortis common stock.

The Paris-based manager of utilities said it has already bought back 92% of the bonds in a public exchange.

Suez also said it sold 13.75 million Fortis shares on Tuesday for about €300 million. The stock had been allocated for the redemption of the bonds, which would have been mandatorily exchangeable on May 22, 2006.

Because of the way the Fortis stock was classified, Suez said the transactions will allow it to cut gross balance sheet debt by €1.3 billion and add €160 million to earnings in the first period of 2005.

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