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Elis plans up to €400 million sale of Oceanes due 2023; price talk 0%-0.75%, up 38%-42%
By Stephanie N. Rotondo
Seattle, Oct. 3 – Elis launched a private placement of up to €400 million of convertible bonds in the Oceanes structure, according to a press release on Tuesday.
The bonds will be sold at par with a coupon of 0% to 0.75%. The initial conversion premium is slated to be between 38% and 42% over the company’s share reference price.
The bonds mature on Oct. 6, 2023. The company can redeem the bonds in certain circumstances, and holders can put the issue upon a change of control.
Proceeds will be used to refinance the recent acquisition of Berendsen through the partial redemption of a bridge loan and for general corporate purposes.
Elis is a Saint-Cloud, France-based textile company.
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