Fugro to redeem its €125 million of 2.375% convertibles due 2010

By Devika Patel

Knoxville, Tenn., June 2 - Fugro NV said in press release that it notified the holders of €125 million in 2.375% subordinated convertible bonds due 2010 that the convertibles will be redeemed on July 2.

Holders are allowed to convert the bonds up to the close of business on June 25 at the new conversion price of €23.81 per share. The conversion price was adjusted from €24.25 per share on May 30, due to a dividend payment of €1.25 per depositary receipt.

Based on Fugro's current share price, most holders are expected to convert their holdings instead of allowing the bonds to be redeemed.

The company said in the release that the majority of the convertibles have already been converted. The company now has €5,274,000 of the bonds outstanding.

Fugro is an Amsterdam-based oilfield services firm.

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