Veolia repurchases about €650 million of convertible bonds due 2021

By Rebecca Melvin

New York, Sept. 5 – Veolia Environnement SA has accepted the repurchase of 21,673,656 2021 convertible bonds in the Oceane structure in an aggregate principal amount of €649,992,943.44, representing about 93% of the total number of the 2021 Oceanes initially issued, according to a company news release on Thursday.

The repurchase price per 2021 Oceane was set at €30.31.

The settlement of the repurchase is expected to take place on Sept. 13, subject to the settlement of a new issue offering on Sept. 12.

Veolia Environnement also placed about €700 million of convertible bonds due Jan. 1, 2025 at a price of 103.25, to yield negative 0.6%, and an initial conversion premium of 35%.

The increase option was exercised in tandem with the €500 million base deal.

The bonds had been talked at an issue price range of 103.25 to 106.05 for a yield between negative 1.1% and negative 0.6% and an initial conversion premium of 35% to 40% above the share reference price.

The nominal unit value of the bonds was set at €30.41 corresponding to the 35% premium above the company’s reference share price on the regulated market of Euronext in Paris.

Veolia is an environmental services provider based in Paris.

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