Technip redeems remaining 1% convertible bonds; 99.94% of convertibles converted before call

By Angela McDaniels

Seattle, March 24 - Technip redeemed 2,029 of its 1% convertible bonds due 2007 on Thursday, according to a company news release.

The company paid €187.06 per convertible, including interest, for a total purchase price of €379,544.74.

Technip called the convertibles on Feb. 24 after the share price of its stock hit an early redemption trigger.

Bondholders overwhelmingly opted to convert their convertibles into Technip shares, with 3,577,782 bonds, or 99.94% of the bonds outstanding, converted into 14,311,128 Technip shares, of which 2,719,062 were existing and 11,592,066 were newly issued.

Each bond was convertible into four Technip shares through March 14.

As a result of these transactions, the net cash position of the group has increased by about €600 million and the estimated total number of outstanding Technip shares increased to 111 million from 98.9 million at Dec. 31, according to the release.

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

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