Altran €200 million convertibles talked at 3.5% to 4%, up 28% to 33%

New York, July 1 - Altran Technologies is marketing a €200 million offering of convertibles in the Oceanes structure with talk of a yield of 3.5% to 4% with a 28% to 33% initial conversion premium.

Calyon is bookrunner for the sale, which was scheduled to price after the market close Thursday.

The deal has a €30 million greenshoe.

The convertibles will be redeemable at par on Jan. 1, 2009.

Altran, a Paris-based science and engineering consulting company, said the offering is intended to boost its financial strength by diversifying its sources of financing, lengthening its debt maturities and potentially increasing its capital.

Specifically, proceeds will be used to repay the convertible due Jan. 1, 2005 that was issued in July 2000. As of Dec. 31, 2003, there was €355 million of the old securities outstanding.

Settlement is expected on July 9.

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