By Jennifer Chiou
New York, March 26 - S.T. Dupont announced the issue of 100,000 of five-year convertible bonds exchangeable into new or existing shares for a total of €15 million.
The issue, in the Oceanes structure, was announced on March 18.
Ninety percent of the bonds were issued to shareholders of record between March 18 and March 24. The remaining bonds were then offered to the public in France.
As already noted, the initial 90% was reserved for shareholders, who could subscribe to the bonds at a ratio of 1 bond for 4.692 existing shares held.
D and D International BV, the company's controlling shareholder, subscribed to 96,888 of the 100,000 bonds offered for €14,533,200. The figure makes up 96.89% of the issue amount, or 97.76% of the priority bonds offered to shareholders and 89.08% of the bonds offered to the public.
The company already added that the controlling shareholder - holder of 68.8% of the company's share capital - had planned to subscribe to its full entitlement in the priority reservation period.
The shareholder had previously 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.
Each 10% bond will be convertible into 1,000 of the company's shares.
The Paris-based luxury goods company already 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.
Ariana Advisors coordinated the issue.
Société Générale Security Services took priority subscription orders from shareholders. Subscription orders from the public were collected and centralized by Arkeon Finance.
| Issuer: | S.T. Dupont
|
| Issue: | Oceanes convertible bonds
|
| Amount: | €15 million
|
| Bonds: | 100,000
|
| Maturity: | Five years
|
| Coupon: | 10%
|
| Price: | Par of €150
|
| Conversion ratio: | 1,000
|
| Conversion price: | €0.15
|
| Investor: | D and D International BV (for €14,533,200)
|
| Manager: | Ariana Advisors
|
| Announcement date: | March 18
|
| Settlement date: | March 24
|
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