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Archer adjusts exchange price for €375 million exchangeables
By Mary-Katherine Stinson
Lexington, Ky., May 3 – Archer Obligations notified bondholders of an adjustment to the exchange price and the dividend threshold for its €375 million 0% non-dilutive cash-settled bonds due 2023 (ISIN: FR0013284130) exchangeable into Kering shares issued by Archer Obligations and guaranteed by Artemis, according to a notice Tuesday.
The adjusted price is €402.2106 and the resulting exchange ratio is 248.6260.
The dividend thresholds are adjusted to €2.7582 for each relevant period where the initial dividend threshold was €3.10; and €1.3346 for each relevant period where the initial dividend threshold was €1.50.
The adjustment is a result of an ex-date regarding a cash dividend of €8.50 per share effective May 3.
Archer is a 98.38%-owned subsidiary of Artemis.
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