France’s EDF updates exchange ratio for Oceanes due 2024

By William Gullotti

Buffalo, N.Y., Feb. 8 – Electricite de France SA (EDF) updated the conversion/exchange ratio of its convertible bonds due 2024 (ISIN: FR0013534518) in the Oceane structure along with the final results of the French government’s public tender offer to purchase all €2,399,999,989.27 outstanding Oceanes, according to two press releases on Wednesday.

As previously reported on Nov. 23, the simplified tender offer to pay €15.52 per Oceane for all 131,747,484 outstanding Oceanes was intended to be open between Nov. 24 and Dec. 22, inclusive, following a simplified procedure preventing the offer from being reopened after the result is announced.

Due to court intervention, the offer was reopened and subsequently closed Feb. 3.

Upon settlement, which is expected Feb. 13, the French government will own 99.96% of the outstanding Oceanes.

Effective March 1, the conversion/exchange ratio will be adjusted to 1.124 per share from 1.289 per share.

Both releases indicated that, should the Paris Court of Appeal confirm a clearance decision tied to the aforementioned intervention, resulting in an annulment and reopening of the offer, the exchange/conversion ratio would return to 1.289 per share.

EDF is a Paris-based electric utility company.

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