Havas 4% convertible holders approve elimination of put

New York, Dec. 1 - Havas said holders of its 4% convertible bonds in the Oceane structure approved elimination of the securities' put on Jan. 1, 2006 in exchange for a cash payment.

The Paris communications company will now make a payment of €1.20 per bond on Jan. 1, 2004. In total Havas will pay €50 million to holders.

The change was approved at a general meeting of holders of the convertibles on Monday.

Havas said it requested the modification as part of its management of its debt maturities, specifically in 2006. With the put eliminated, Havas said the maturity of the €450 million 4% convertibles is postponed with certainty to Jan. 1, 2009, "thereby significantly improving the group's financial flexibility."

Havas' only maturity in 2006 is now its 1% convertibles in the Oceane structure due that year for a total of €666 million, including redemption premium.

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