France’s BIM tenders for half of €200 million 2.5% exchangeables

By Wendy Van Sickle

Columbus, Ohio, Dec. 6 – BIM announced the launch of a one-day tender offer for €100 million of its €200,000,007.40 of 2.5% secured exchangeable bonds due Nov. 13, 2020 exchangeable for Elior Group shares.

Sole dealer manager Credit Agricole CIB was to conduct a reverse bookbuilding process to collect irrevocable orders from bondholders outside of the United States of America to sell their bonds, according to a notice.

The offer was set to close at 11 a.m. ET on Dec. 5.

The company said it reserved the right to terminate, extend or cancel the offer or to raise or lower the repurchase amount.

“The tender offer is part of the company’s dynamic management policy of its balance sheet and net indebtedness, illustrated notably by the recent closing of the disposal of outdoor hospitality platform Amac initially announced in June 2018,” the notice states.

Elior Group, formerly Elior Participations SCA, is a Paris-based company in the contracted foodservice market.

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