S.T. Dupont announces €15 million convertibles issue

By Jennifer Chiou

New York, March 18 - S.T. Dupont announced the launch of an issue of 100,000 of five-year convertible bonds exchangeable into new or existing shares for a total of €15 million.

Each 10% bond will be convertible into 1,000 of the company's shares.

The Paris-based luxury goods company said that the issue is primarily intended to refinance the convertible bonds due April 1, 2009 that were issued in 2004.

S.T. Dupont said that this will allow it to keep its available cash to finance its investments, the launch of its new products and part of its working capital.

Ninety percent of the bonds will be issued to shareholders of record between March 18 and March 24. The remaining bonds will then immediately be offered to the public in France.

The initial 90% is reserved in priority to benefit shareholders, who may subscribe to the bonds on a non-reducible at a ratio of 1 bond for 4.692 existing shares held.

The company added that controlling shareholder D and D International BV - holder of 68.8% of the company's share capital - plans to subscribe to its full entitlement in the priority reservation period. That commitment is €6.35 million of bonds. D and D will also ensure that the entire issue is subscribed.

The shareholder has also committed to take on - on a reducible basis - the balance of the number of bonds available, 27,700 bonds for a subscription amount of €4.16 million, or 30.78% of the number of bonds offered during the reservation period.

Société Générale Security Services will take subscription orders for shareholders with priority right (contact Eric Humbert at 33 2 51 85 52 45). Subscription orders from the public are collected and centralized by Arkeon Finance (contact Nassim Ledad at 33 1 53 70 50 35).

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