Wendel to begin exchange offer for up to €400 million of 5% bonds

By Angela McDaniels

Tacoma, Wash., Sept. 21 - Wendel will begin an exchange offer for its €584,023,000 outstanding principal amount of 5% bonds due 2011 on Sept. 22, according to a company news release.

The company is offering new euro-denominated 4.875% bonds due 2014 in exchange for up to €400 million of the 5% bonds on a par-for-par basis.

The offer will end Sept. 25.

The offer is being made in Luxembourg, and tenders will not be accepted from investors in the United States, U.S. persons or investors in Italy.

Wendel may also offer additional 4.875% bonds for cash to qualified investors by way of a private placement.

The 4.875% bonds issued in the exchange offer and private placement will form a single series with the company's existing 4.875% bonds due 2014.

Investors can contact Laurent Marie (+33 01 4285 9131 or l.marie@wendelgroup.com) or Olivier Allot (+33 01 4285 6373 or o.allot@wendelgroup.com).

Wendel is a Paris-based investment firm.

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