Havas buys back €380 million Oceanes

New York, Dec. 13 - Havas said it bought back €380 million of its convertibles due 2006 in the Oceanes structure from Dec. 3 to Dec. 10, paying €442.3 million.

The average price paid was €25.17.

The Paris-based communications company said it has now bought back 73.8% of the Oceanes due 2006.

Havas completed the repurchase in two parts, one after the close on Dec. 3 and then an offer from Dec. 6 to Dec. 10.

For the second part, Havas was offering to pay €25.18, including accrued interest.

The price was based on the €25.16 it paid in its most recent previous repurchases and a yield spread.

The repurchase offer was open to investors outside the United States.

On Dec. 3, 10.47% of the original securities, or €74.23 million of the Oceanes, were purchased by Deutsche Bank as an agent for Havas.

Havas said it may buy more of the Oceanes due 2006 after the Dec. 10 expiration of the current offer.

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