Cap Gemini gets reverse bookbuilding interest from 73% of Oceanes holders, sets repurchase price

By Jennifer Chiou

New York, Oct. 25 - Cap Gemini SA said that at the close of its reverse bookbuilding process, holders of 73% of its convertible bonds due Jan. 1, 2014 in the Oceane structure indicated interest.

According to a press release, the company said that tendered securities will be purchased at €48.08 per bond in the reverse bookbuilding process and the repurchase offer.

The purchase price is equal to the arithmetic mean of the daily volume-weighted average prices of Cap Gemini's shares from Oct. 18 to Oct. 25, increased by a premium of €0.15 per Oceane.

As previously reported, funding for the repurchase will come from the company's upsized offering of €400 million Ornanes.

BNP Paribas acted as the global coordinator, joint lead manager and joint bookrunner with Citigroup, Morgan Stanley and Natixis as the joint lead managers and joint bookrunners to gather information on holder interest in selling the Oceanes.

Final results are anticipated on Oct. 30.

Because interest in the reverse bookbuilding process amounted to 30% or more of the number of the 2014 Oceanes initially issued, the company will launch the repurchase offer in France. The repurchase will be centralized by BNP Paribas Securities Services during five trading days at the close of the reverse bookbuilding in order to ensure that all the holders are treated equally.

Cap Gemini is a Paris-based consulting and outsourcing company.

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