Leica Camera reports change of control for €15 million 5.5% convertibles

By Jennifer Chiou

New York, May 18 - Leica Camera AG announced there has been a change of control related to its €15 million of 5.5% convertible bonds due March 3, 2014.

According to the terms of the notes, bondholders may demand repayment of their holdings within a period of not less than 20 days before the July 3 control record date at par plus accrued interest as a result of the change of control.

Hermès International SCA, Paris, which holds 96.5% of the convertibles, said it informed Leica Camera that it will not exercise its repayment right.

As announced on Feb. 17, Socrates Privatstiftung and subsidiary ACM Projektentwicklung acquired a majority interest in Leica Camera.

Solms, Germany-based Leica Camera produces and markets cameras and other photographic and optical goods.

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