Assystem to buy back 54.8% of Ornanes, begins standing repurchase order

By Susanna Moon

Chicago, July 9 – Assystem SA said it plans to repurchase 54.8% of its €89 million of Ornane bonds due Jan. 1, 2017 through a reverse bookbuilding.

At the close of the reverse bookbuilding, the company received indications of selling interests covering 2,292,445 of the 2017 Ornanes issued, for a unit price of €25.75, including accrued interests, for a total amount of €59,030,458.75, according to a press release.

The company began a reverse bookbuilding through Banque Degroof, CM-CIC and Societe Generale CIB earlier in the day and reported the results the same day.

The company said it will repurchase the 2017 Ornanes off the market on the trading day following the settlement date of the bonds on July 18.

After the repurchase, 41.91% of the number of Ornanes issued will remain outstanding.

And so the company will launch a repurchase offer in France on Euronext Paris during a period of five consecutive trading days, beginning the trading day after the settlement, from July 21 to July 25.

The company said it was offering to buy back the bonds to ensure that all the holders are treated equally.

The unit repurchase price for the standing repurchase order is €25.75, including accrued interests, equal to the unit price set via the reverse bookbuilding process.

The company said it reserves the right to repurchase the Ornanes on or off the market after the close of the reverse bookbuilding process and the repurchase offer.

Earlier announcement

The company said earlier in the day that it reserved the right not to proceed with its planned new issue of the bonds and the repurchase of the 2017 Ornane if interest from holders was less than 50% of the number issued, a previous release noted.

At the same time, the company also launched an offering of net share settled bonds with an indefinite term convertible into new shares and exchangeable for existing shares, or Odirnanes, without preferential subscription rights and without a priority period, in an initial amount of about €120 million, which may be increased up to a maximum nominal amount of about €140 million in case of full exercise of the extension clause, and with an over-allotment option for a total of €160 million.

The company sold an initial amount of €139,999,977.60 after full exercise of the extension clause, which may be increased up to a maximum nominal amount of €159,999,974.40 if the greenshoe is fully exercised.

Assystem is an engineering and innovation consultancy based in Paris.

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