Icade accepts tenders for €3.04 million of mandatory convertibles

By Laura Lutz

Des Moines, Oct. 18 - Icade on Wednesday announced it accepted tenders for €3.04 million in its offer to buy the mandatory convertible bonds issued by its subsidiary Icade EMGP.

The company accepted tenders for 796 of the bonds issued in April 2004, for a total of €729,295.20, and 2,523 of the bonds issued in November 2004, for a total of €2,311,572.60.

The company paid €916.20 per €1,000 principal amount of bonds.

The offer began on Oct. 6 and ended on Oct. 13.

The tender offer, announced on Sept. 22, followed Icade's announcement that it would purchase €37.8 million of the bonds from Forum European Realty Income LP and €147.6 million of the bonds from City North Developments Ltd. in a private transaction on Oct. 2.

Icade now holds 99.75% of the bonds issued in April 2004 and 99.71% of the bonds issued in November 2004. Still outstanding are 303 of the April 2004 bonds and 428 of the November 2004 bonds.

The company purchased the bonds in order to reinforce its control and exposure to Icade EMGP and to optimize its capital structure, according to the original announcement of the tender offer.

Icade is a Boulogne-Billancourt, France-based property developer

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