Vivendi holders reject proposal to add make-whole call to certain notes

By Jennifer Chiou

New York, Dec. 17 – Vivendi announced that holders of its €500 million of 4.25% notes due December 2016, €750 million of 4% notes due March 2017 and €700 million 4.875% notes due December 2019 did not authorize adding a make-whole call to the notes.

According to company filings, the meeting took place on Dec. 17.

When the meeting was announced, the company said that the make-whole call would be exercisable on at least 15 and no more than 30 days’ notice at any time after Jan. 1. For the 4.25% notes, the make-whole price would have been Bunds plus 5 basis points, for the 4% notes it was Bunds plus 10 bps, and for the 4.875% notes it was Bunds plus 35 bps.

Vivendi said that following the combination of SFR and Numericable it planned to exercise the make-whole call provision on all of the outstanding notes issued under its euro medium-term note program.

However, those three series of notes do not include a make-whole call.

Vivendi would have called the notes had the motion passed.

The meeting was open to holders as of 6 p.m. ET on Dec. 11. Voting forms had to be received by 9 a.m. ET on Dec. 16.

Goldman Sachs International (44 20 7774 9862 or liabilitymanagement.eu@gs.com), Natixis (33 1 58 55 82 66/81 34, marc.guegen@natixis.com or gabriel.levy@natixis.com) and Societe Generale (33 1 42 13 32 40 or liability.management@sgcib.com) were consultation agents.

BNP Paribas Securities Services (33 1 57 43 34 56) was paying agent and centralization agent.

Vivendi is an entertainment, broadcast and telecommunications company is based in Paris.

© 2015 Prospect News.
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