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Havas offers to buy back Oceanes
By Ted A. Knutson
Washington, Dec. 9 - Havas is offering to buy back its convertibles due 2006 in the Oceanes structure with a Dec. 10 deadline for the offer.
Havas will pay €25.16 per convertible, the average price it paid in recent repurchases, on the basis of a spread over yield.
The offer is running for five days and applies outside the United States.
Since their original issuance, the company has repurchased 30.68% of the €708.85 million of notes originally issued on Dec. 11, 2000.
On Dec. 3, 10.47% of the original securities, or €74.23 million of the Oceanes were purchased by Deutsche Bank as an agent for Havas.
Havas said it may buy more of the Oceanes due 2006 after the Dec. 10 expiration of the current offer.
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