Pierre et Vacances buys back 5% more Ornanes due 2019 in recent offer

By Susanna Moon

Chicago, Dec. 15 – Pierre et Vacances said it repurchased 168,170, or 5%, of its Ornanes convertible bonds due Oct. 1, 2019 in the repurchase procedure that ran from Dec. 8 through Dec. 14.

The unit price was €46.53 per Ornane for a total amount of €7,824,950.10, with settlement set for Dec. 18.

After the repurchase, the number of outstanding 2019 Ornanes is 33,831, or 1% of the total number of the 2019 Ornanes initially issued, according to a press release.

As announced Dec. 7, the repurchase price was the same as that of a recent reverse bookbuilding offer.

The company repurchased 1,308,542, or 41.4%, of the outstanding Ornanes via an offer conducted through a reverse bookbuilding that settled on Dec. 7.

The repurchase price of €46.53 was equal to the arithmetical average of the daily volume-weighted average price of Pierre et Vacances shares on Euronext Paris during the period Nov. 30 through Dec. 4 plus €0.45.

Following that repurchase, 202,001 of the Ornanes remain outstanding with a face value of €7,356,876.42, representing 6.4% of the Ornanes originally issued.

Because the number of Ornanes repurchased via the reverse bookbuilding represented more than 20% of the original number of Ornanes, Pierre et Vacances held the off-market repurchase offer to ensure all holders were treated equally.

BNP Paribas Securities Services is the centralizing agent for the centralized repurchase procedure.

Pierre et Vacances is a Paris-based real estate and tourism company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.