Havas fixes price in buyback of Oceanes

New York, Dec. 10 - Havas fixed the price it is offering in its buyback of its convertibles due 2006 in the Oceanes structure at €25.18, including accrued interest.

The price was based on the €25.16 it paid in its most recent repurchases and a yield spread.

The repurchase offer ran for five days through Dec. 10. It was open to investors outside the United States.

Since their original issuance, the Paris-based communications 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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