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Bekaert launches exchange offer for €150 million 6.75% bonds due 2014
By Marisa Wong
Madison, Wis., Sept. 20 - NV Bekaert SA launched a public offer to exchange all €150 million of its 6.75% bonds due April 16, 2014 for new 4.75% bonds due October 2020, according to a Friday press release.
Under the exchange offer, one new seven-year bond will be issued for each existing five-year bond.
The acceptance period will run from 3 a.m. ET on Sept. 23 to 10 a.m. ET on Oct. 7.
The accrued interest since April 16 on existing bonds tendered under the exchange offer will be paid on Oct. 17.
As announced on Thursday, the company proposed the exchange offer to extend the maturity of a portion of its total existing bond financing.
The offer was subject to approval by the Belgian Financial Services and Markets Authority. Bekaert confirmed on Friday that it received the authority's approval.
BNP Paribas Fortis, ING and KBC Bank are the dealer managers, and KBC Bank is also the global coordinator.
Bekaert specializes in steel wire transformation and coatings. The multinational company is based in Kortrijk, Belgium.
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