Océ's debt refinanced as part of Canon's all-cash offer for shares

By Lisa Kerner

Charlotte, N.C., May 19 - Canon Inc. refinanced Océ NV's U.S. private placements and its multicurrency revolving credit facilities using internally generated funds, according to an Océ news release.

Océ's total amount of short- and long-term debt was €704 million as of Aug. 31, 2009.

The refinancing is part of Canon's bid to acquire all ordinary shares of Océ through an all-cash public offer, a prior Canon news release said.

Canon agreed to acquire Océ's shares for €8.60 each in the self-funded offer valued at approximately €730 million.

Océ is a document management and printing systems provider based in Venlo, the Netherlands.

Tokyo-based Canon provides professional and consumer imaging equipment and information systems.

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