Technip calls convertibles

By Angela McDaniels

Seattle, Feb. 23 - Technip will call its convertible bond on March 23, according to a company news release.

The company will pay €187.06 per bond, excluding interest.

There were 3,579,811 bonds outstanding as of Jan. 31, according to the release.

Bondholders may convert each bond into four Technip shares through March 14.

In connection with the redemption, the company said it will acquire an additional 1.3 million shares through the exercise of call options, bringing the total number of shares outstanding to 2,794,148l.

Technip is a Paris-based company that provides engineering, construction and other services to the oil, gas and petrochemical industries.

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