Saint-Gobain to issue 17.4 million shares in exchange for 99.42% of Oceanes

By Jennifer Chiou

New York, Dec. 20 - Compagnie de Saint-Gobain announced it will issue 17.4 million new shares as a result of the conversion of 99.42% of its 4,380,953 Oceane bonds.

The conversion rate was four shares per bond.

The company noted that the conversion of the 4,355,403 Oceanes will result in an equity increase of €914.6 million.

Consequently, the group's net debt will be reduced by the same amount.

Remaining bonds will be redeemed at par on Jan. 2, which is €210 per bond, with an interest payment of €5.5125 per bond.

The bonds were issued in February 2002.

Based in Courbevoie, France, the company processes and distributes materials that include glass, ceramics, plastics and cast iron.

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