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France's Oeneo seeks to amend convertibles
New York, June 15 - Oeneo said it is looking to amend its convertibles due 2006 in the Oceanes structure.
The company is looking to:
* Increase the conversion price to €4.98 or 32 shares per Oceane from €4.24 currently;
* Increase the interest rate to 7% from 3%;
* Extend the maturity by three years to Jan. 1, 2009 from Jan. 1, 2006.
Oeneo said the change will allow it to continue to work on restoring its finances, following the reduction in working capital needs achieved in 2002 and 2003, the June 2003 bank refinancing and the capital increase of August 2003.
To approve the amendment, Oeneo will convene a bondholders meeting on July 5. If passed, the change will then go to shareholders for approval later in the third quarter.
Oeneo is a Paris-based supplier of barrels and corks for wine production. It has €18.3 million of the convertibles outstanding.
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