Saint-Gobain to refinance or buy back €957 million of four note series

By Angela McDaniels

Tacoma, Wash., Sept. 29 - Compagnie de Saint-Gobain SA will refinance €634 million of its outstanding bonds maturing in 2013 and 2014 with the proceeds of its €750 million issue of 4% bonds due 2018, according to a company news release.

The bonds are being refinanced through a tender offer made by BNP Paribas.

As previously reported, BNP Paribas offered to purchase Saint-Gobain's €1 billion of 8.25% notes due 2014, €750 million of 6% notes due 2013, €750 million of 7.25% notes due 2013 and €1.1 billion of 4.25% notes due 2011.

Holders tendered an average of nearly 27% of the issues, the release stated.

In addition, Saint-Gobain will buy back €323 million of the 4.25% bonds.

The company said these transactions will enable it to extend and smooth its bond debt maturity profile by reducing the 2013 and 2014 maturities by €320 million and €314 million, respectively, and substituting a new €750 million maturity in 2018. They will also reduce the average cost of the group's debt.

The details of the tender offer were not disclosed. The offer began Sept. 22 and was not made in the United States or Italy.

BNP Paribas said requests for information about tendering notes in the offer could be directed to the tender agents, which were BNP Paribas Securities Services (33 1 55 77 61 60) for the 4.25% notes and BNP Paribas Securities Services, Luxembourg Branch (352 2696 2000) for the remaining notes.

The lead structuring adviser was BNP Paribas (44 20 7595 8668), with J.P. Morgan Securities Ltd. (call corporate syndicate at +44 207 779 2468 or liability management at 44 207 777 1333) as structuring adviser.

The joint dealer managers were BNP Paribas, Citigroup Global Markets Ltd. (44 0 207 986 8969), HSBC France (44 20 7991 5874), JPMorgan, Societe Generale Corporate & Investment Banking (33 01 42 13 87 36) and Royal Bank of Scotland (44 207 085 8056 / 3781).

Based in Courbevoie, France, Saint-Gobain processes and distributes materials that include glass, ceramics, plastics and cast iron.

BNP Paribas is a financial services company based in Paris.

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