Soitec buys back 69% of Oceanes due 2006

New York, Dec. 31 - Soitec said buybacks of its convertible bonds due 2006 in the Oceanes structure between Dec. 22 and Dec. 28 brought the total it has repurchased since the original issuance to 69%.

Following the latest transactions, 1.499 million of the Oceanes remain outstanding.

Soitec made an offer to repurchase the bonds following an off-market buyback on Dec. 21.

The Dec. 23 repurchase was at a price of €24.5502 per Oceane, including accrued interest, and the Dec. 28 at €24.5681, also including accrued interest.

Soitec previously said it would offer to buy the Oceanes due 2006 as part of its offering of €103.5 million of new Oceanes, priced on Dec. 10 to yield 4.625% with a 35% initial conversion premium.

The Bernin, France, maker of silicon-on-insulator wafers for the semiconductor industry previously had €92.2 million of the old Oceanes outstanding.

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