Aperam announces tender offer for 0.625% convertibles due 2021

Chicago, March 25 – Aperam SA announced a cash tender offer for the remaining $164.6 million of its 0.625% convertibles due 2021, according to a company news release.

Prior to the current offer, the company had repurchased $63 million of the bonds and bondholders had exercised their put options for another $72.4 million of the bonds. The original issue amount was $300 million.

The purchase price for bonds accepted for tender will be the sum of the tender offer premium of 1.5% and the closing ask price on Monday of 106% each of $200,000 in face amount of bonds. The amount will be further adjusted for the average of the daily U.S. dollar volume-weighted average price from March 25 to March 27.

The payment will also include unpaid interest from Jan. 8 to the expected settlement date of April 2. The interest payment is expected to be $291.67.

The final purchase price will be announced on March 27.

The invitation for tender ends at 1 p.m. ET on March 25.

Citigroup Global Markets Ltd. is the dealer manager (+44 20 7986 0015, emeaecm.notices@citi.com).

Luxembourg-based Aperam is a stainless, electrical and specialty steel producer.

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