Havas seeking to eliminate put in 4% convertibles

New York, Nov. 13 - Havas said it is seeking to eliminate the 2006 put in its 4% convertible bonds due 2009 in the Oceane structure.

The Paris communications company said the action is part of its management of debt maturities.

"It is an important first step aimed at ensuring continued optimization of the debt maturity profile," Havas said in a news release.

If the change is approved by holders of the 4% convertibles, Havas' only maturity in 2006 will be its 1% convertibles in the Oceane structure due that year for a total of €666 million, including redemption premium.

In exchange for eliminating the Jan. 1, 2006 put option, Havas is offering a payment of €1.2 per bond to be made on Jan. 1, 2004. The total for the entire issue is approximately €50 million.

Havas will call a general meeting during December to seek approval of the change.

There are currently €450 million of the 4% convertible outstanding.

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