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Cegedim begins tender offer for €168.6 million 7% notes due 2015
By Susanna Moon
Chicago, April 7 - Cegedim SA said it began a tender offer for its remaining €186.6 million 7% notes due 2015.
Pricing will be set at 8 a.m. ET on April 14 using the yield of the sum of the rate of interest on the OBL 2.25% due April 2015 and a repurchase spread of 50 basis points plus accrued interest up to but excluding the payment date of April 16, according to a company press release.
The tender offer will end at 10 a.m. ET on April 11.
Investors must tender a minimum amount of €50,000 principal amount of notes.
The offer is conditioned on the issue of euro-denominated notes.
The purpose of the offer is to proactively manage Cegedim's debt maturity profile, in light of market conditions, the company said.
The company said March 21, 2013 that investors previously had tendered €111.5 million of its original €300 million of 7% notes due 2015 by the end of the offer at 4 p.m. ET on March 13, 2013.
The purchase price was 108, or €54,000 per €50,000 principal amount, plus accrued interest up to the payment date of March 21, as noted when the offer began March 7.
After settlement, €168.6 million principal amount of notes remained outstanding.
Cegedim is a global technology and services company specializing in health care.
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