Celesio starts change-of-control offer for 2.5% convertible bonds

By Jennifer Chiou

New York, Jan. 28 - Celesio AG and Celesio Finance BV gave notice of a change-of-control offer for the 2.5% convertible bonds due April 7, 2018 guaranteed by Celesio AG.

According to a news release, holders of the bonds may either redeem their notes or convert their notes at the adjusted conversion price of €19.05 following the Jan. 23 acquisition of 75.99% of the shares in Celesio AG by Franz Haniel & Cie. GmbH.

Celesio said that further changes of control may occur until March 10, the control record date.

In order to redeem any bonds, holders must give notice at least 10 days before March 10 to have their securities redeemed at par plus accrued interest.

To convert their bonds, holders have to deliver a conversion notice prior to March 10 to the principal conversion agent, BNP Paribas Securities Services SCA, through their custodian bank.

The health-care and pharmaceutical company is based in Stuttgart, Germany.

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