Technip calls Global Industries’ 2.75% convertible debentures

New York, July 15 – Technip SA said it will redeem the 2.75% senior convertible debentures due 2027 issued by Global Industries, Ltd., which now does business as Technip USA, Inc.

The convertibles will be repaid on Aug. 15 at par plus accrued interest up to but excluding the redemption date, according to a notice from the issuer.

Holders may convert the notes up until 5 p.m. ET on Aug. 12, in which case they will receive the consideration they would have received in the 2011 merger in which Technip acquired Global Industries.

The merger consideration is $8.00 per share in cash. Multiplied by the conversion rate of 28.1821, the payment would be $225.46 per $1,000 principal amount.

Technip pointed out that the payment from the optional redemption is “substantially more” than the consideration on conversion.

There is $2,379,000 of the convertibles outstanding.

Global Industries was a Carlyss, La.-based provider of construction and subsea services to the offshore oil and gas industry. Technip provides project management, engineering and construction services to the energy industry and is based in Paris.

© 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.