Soitec buys back 42.75% of 6.25% convertible bonds due 2014

By Jennifer Chiou

New York, Sept. 26 - Soitec SA announced that it has completed its previously announced refinancing transaction in which it repurchased about €145 million, or 42.75%, of its 6.25% convertible bonds due 2014.

The company said that in order to ensure fair participation for all holders, it extended the repurchase offer period by five days to Sept. 26. It received no additional interest during that time, according to a company release.

The company offered €8.55 per 6.25% bond, resulting in a total repurchase price of €61,981,173.

Following the transactions, Soitec said that €9,708,091 remains outstanding.

Earlier in the month, the company announced the full exercise of the greenshoe for its offering of new 6.75% convertible bonds due 2018 in the Oceane structure, bringing the total size to €103.2 million.

Soitec issued a total of 40 million of those bonds at €2.58 per bond, representing a 35% premium to the average Soitec stock price on the Euronext Paris on Sept. 10.

The company previously stated that it raised €71.5 million in its equity offering in July. It used those proceeds in addition to proceeds from the convertibles for the refinancing transactions.

Bernin, France-based Soitec makes semiconductor materials. It announced plans for the issue in June.

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