Leon de Bruxelles, OFI plan tender for 0.1% convertibles due 2014

By Jennifer Chiou

New York, April 29 - Leon de Bruxelles with OFI Private Equity Capital announced a planned offer to buy Leon de Bruxelles' 0.1% convertible bonds due 2014.

OFI acquired 39.71% of Leon de Bruxelles in a deal valuing the company at €64.9 million.

OFI will offer to buy the convertibles at €56 each during a 25-day offer.

In a company release, the Belgian-themed restaurant chain said that it will seek approval on May 7 to allow the early redemption of the bonds. Currently, the bonds are redeemable from July 1, 2009 onwards.

Leon de Bruxelles is also seeking modifications to allow it eliminate the condition that less than 10% of the convertibles be outstanding in order to redeem the securities early.

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