Cegedim wraps tender offer, accepts €105.95 million 7% notes due 2015

By Toni Weeks

San Luis Obispo, Calif., April 14 - Cegedim SA said it took in tenders for €105.95 million of its remaining 7% notes due 2015 by the expiration date for its tender offer, 10 a.m. ET on April 11.

All of the notes tendered were accepted, according to a press release.

The purchase price is 108.102. Pricing was set at 8 a.m. ET on April 14 using the yield of the sum of the rate of interest on the OBL 2.25% due April 2015 and a repurchase spread of 50 basis points plus accrued interest up to but excluding the payment date of April 16.

Investors needed to tender a minimum of €50,000 principal amount of notes to participate in the offer.

The offer was conditioned on the issue of euro-denominated notes, which has been satisfied, the release said. The company priced €125 million of 6¾% notes to yield 5.489% on April 7, according to Prospect News.

The purpose of the offer was to proactively manage Cegedim's debt maturity profile in light of market conditions, the company said previously.

Cegedim is a Paris-based technology and services company specializing in health care.

© 2015 Prospect News.
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