Wolters Kluwer says €423 million convertibles tendered

New York, Nov. 19 - Wolters Kluwer said holders have tendered €423 million principal amount of its 1% convertible unsubordinated bonds due 2006 in its offer to buy the securities for cash.

Because the offer is oversubscribed, the Amsterdam information services company will buy the securities on a pro rata basis using a factor of 49.646%.

Wolters Kluwer announced on Nov. 7 it was beginning the offer and on Nov. 17 set the size of the tender at up to €230 million of the convertibles.

On Nov. 21 the company will announce whether the conditions to the offer have been satisfied or waived.

Wolters Kluwer is offering to pay €1,012.50 per €1,000 principal amount for the convertibles.

The offer expired at 11 a.m. ET Nov. 18.

"We are pleased with the market reactions on our cash offer. This is another step towards the continued focus on maintaining a strong balance sheet and enables good utilization of our strong cash position", said Boudewijn Beerkens, chief financial officer of the company, in a news release.

Dealer managers for the offer are Credit Suisse First Boston (Europe) Ltd. (+44 207 888 2337) and Citigroup Global Markets Ltd. (+44 207 986 0260). The tender agent is Deutsche Bank (+44 207 547 5000 or +31 20 555 4822).

The offer is not being made in Japan, Canada, Australia or the United States.

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