Elis will repurchase up to €200 million of Oceanes with new issue

By Mary-Katherine Stinson

Lexington, Ky., Sept. 15 – Elis SA will use the proceeds of a new offering of convertible notes in the Oceanes structure to finance the partial repurchase of up to €200 million principal amount of the outstanding Oceanes due Oct. 6, 2023 (ISIN: FR0013285707) in a reverse bookbuilding procedure, according to a press release.

The bookbuilding process of the bonds and the concurrent repurchase of the 2023 Oceanes are independent from one another.

The purchase price per 2023 Oceane will be between €31.21 and €31.53 with the final purchase price and the amount to be repurchased announced Sept. 15 with the final bond terms.

The repurchase offer is subject to proration should the cap be exceeded.

Settlement is expected for Sept. 23.

As of Sept. 14, there were €399,999,977.65 total outstanding 2023 Oceanes.

Remaining proceeds from the new offering will also be used for general corporate purposes.

The company is a Saint-Cloud, France-based provider of work uniforms and related services.

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