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Cap Gemini announces repurchase of 84% of Oceanes due 2014
By Toni Weeks
San Luis Obispo, Calif., Nov. 4 - Cap Gemini SA said it has repurchased 84% of its convertible bonds due Jan. 1, 2014 in the Oceane structure. Additional settlement and delivery of the convertibles could occur in the coming days, lifting the final volume to about 85%, according to a press release.
On Oct. 18, the company announced it was considering paying €400 million to repurchase its convertibles and conducted a reverse bookbuilding process to gather information on holder interest in selling the Oceanes. BNP Paribas was the global coordinator, joint lead manager and joint bookrunner, and Citigroup, Morgan Stanley and Natixis were the joint lead managers and joint bookrunners.
As previously noted, at the close of the reverse bookbuilding process, holders of 73% of the convertible bonds indicated interest.
According to an earlier press release, the company said that tendered securities would be purchased at €48.08 per bond in the reverse bookbuilding process and the repurchase offer.
The purchase price is equal to the arithmetic mean of the daily volume-weighted average prices of Cap Gemini's shares from Oct. 18 to Oct. 25, increased by a premium of €0.15 per Oceane.
Funding for the repurchase was to come from the company's upsized offering of €400 million Ornanes, as already noted.
Because interest in the reverse bookbuilding process amounted to 30% or more of the number of the 2014 Oceanes initially issued, the company launched the repurchase offer in France. The repurchase was centralized by BNP Paribas Securities Services during five trading days at the close of the reverse bookbuilding in order to ensure that all the holders were treated equally.
Cap Gemini is a Paris-based consulting and outsourcing company.
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