Alstom plans exchange for bonds due 2006, auction-rate notes due 2006

New York, Jan. 27 - Alstom said it plans to launch an exchange offer for its €650 million of bonds due July 26, 2006 and €250 million auction-rate coupon subordinated notes due Sept. 29, 2006.

The Levallois, France-based engineering company will offer new fixed-rate unsubordinated notes due 2010.

Institutional investors will be able to participate from Feb. 8 to Feb. 17 - although bondholders in the United States, Italy and Spain will be excluded - and individual investors in France, Luxembourg and Switzerland can tender from Feb. 17 to Feb. 24.

Alstom said it may also issue additional notes on the same terms.

This exchange offer to our bondholders is part of Alstom's strategy to optimize its debt maturity profile while taking advantage of the current favorable market conditions," said Patrick Kron, chairman and chief executive officer, in a news release.

BNP Paribas (+33 1 42 98 17 90 or +44 20 7595 8668) and Merrill Lynch (+33 1 53 65 58 76 or +44 20 7995 3715) are joint lead dealer managers.

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