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Alcatel-Lucent buys back 88% of outstanding Oceans for €449.73 million
By Angela McDaniels
Tacoma, Wash., July 11 - Alcatel-Lucent will repurchase 133,188,725 of its convertible bonds in the Oceane structure due Jan. 1, 2015, according to a company news release.
The company will pay €3.37 per bond plus €0.00664 of accrued interest. Including interest, the total purchase price is €449,730,376.38.
The bonds are being repurchased through a standing repurchase order that the company placed in France through Deutsche Bank, Citi and Natixis.
The standing repurchase order began July 5 and ended July 11. The settlement date will be July 16.
The bonds being repurchased through the order represent about 43% of the number of bonds originally issued and 88% of the number of outstanding bonds.
The repurchased bonds will be canceled.
Previous repurchases
As previously reported, following a reverse bookbuilding procedure, the company purchased 98,396,171 bonds on July 4 for €3.37 each excluding accrued interest.
The buyback was conditioned on the issue of €550 million of five-year convertible bonds in the Oceane structure, which launched June 26 and settled July 3.
Alcatel-Lucent had previously said that it would solicit from some holders outside the United States their interest in selling the Oceanes to the company.
On May 21, the company repurchased 59,891,735 bonds for €3.33 each excluding accrued interest through a tender offer for up to €300 million of the bonds that ended on May 15.
The company said it carried out the standing repurchase order after the prior repurchases in order to ensure equitable treatment for all of the bondholders.
In all, the company repurchased 291,476,631 bonds, or 94.15% of the bonds originally issued. Consequently, 18,120,892 bonds, representing 5.85% of the number of bonds originally issued, remain outstanding.
The company reserves the right to continue to repurchase bonds on or off the market.
Paris-based Alcatel-Lucent provides solutions to deliver voice, data and video communication services to end-users.
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