Nexity offers to buy back €180 million Oceanes due 2020 at €55.83 each

By Wendy Van Sickle

Columbus, Ohio, May 10 – Nexity will launch a repurchase offer for its €179,999,991, or 4,153,207, of convertible bonds due Jan. 1, 2020 issued in the Oceane structure in June 2014, the company said in a Tuesday press release.

The company will repurchase the Oceanes for €55.83 apiece, including accrued interest, under a centralized repurchase procedure through Caceis Corporate Trust from May 11 to and including May 17.

The purchase price equals €54.90 plus the difference of the reference share price and the closing price times the reference delta of 72%. The reference price is the VWAP of the stock on Tuesday, and the closing price is €46.34.

Nexity said its offer to buy back the Oceanes is based on the volume-weighted average trading price of Nexity’s shares on Euronext Paris on May 10.

Nexity said it has collected through a reverse bookbuilding process via joint bookrunners Societe Generale CIB, Credit Agricole CIB and J.P. Morgan indications of interest to tender 95.9% of the 2014 Oceanes. Previously, the company said it reserved the right not to proceed with the repurchase if indications of interests received from holders is less than 50% of the number of 2014 Oceanes issued.

The settlement and delivery of the repurchased 2014 Oceanes will occur respectively on May 17 and May 19, subject to the settlement and delivery of the company’s newly issued 2016 Oceanes, the proceeds of which will fund the repurchases, on May 13.

The repurchased 2014 Oceanes will be canceled.

Nexity said it reserves the right to repurchase further 2014 Oceanes, on or off market, after the centralized repurchase procedure. It also reserves the right, after completion of the repurchase, to redeem the 2014 Oceanes in accordance with their terms and conditions.

In that case, the repurchase price will be equal to the sum of the highest purchase price less accrued interest of the repurchases carried out during the last 12 months and accrued interest from the last interest payment date preceding the repurchase date to this date, the release noted.

Nexity is a Paris-based real estate development company.

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