France’s Orpea Group says holders convert 99.95% of Ornanes due 2020

By Susanna Moon

Chicago, Oct. 31 – Orpea Group said holders exercised the conversion option for 3,693,994 99.95%, of its 3,695,897 outstanding Ornanes due Jan. 1, 2020, or bonds convertible into new shares, ahead of redemption.

As a result, the company issued 3,945,167 of new shares.

The Ornanes were tendered for conversion in return for new shares based on an exchange ratio of 1.068 shares per 1 Ornane, according to company announcement.

The 1,903 of Ornanes that remained outstanding were redeemed in cash on Oct. 19 at par of €46.56 per Ornane plus accrued interest.

The company said it issued a call for the Ornanes on Sept. 4.

The bonds were convertible until Sept. 22. The Ornanes were issued July 17, 2013.

Paris-based Orpea owns and operates health care facilities in Europe.

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