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Club Mediterranee to buy back portion of 2010 Oceane bonds in reverse book-building process
By Marisa Wong
Madison, Wis., Sept. 30 - Club Mediterranee said it plans to repurchase its existing Oceane bonds due Nov. 1, 2010 as part of a reverse book-building process based on interest expressed by certain bondholders.
The repurchase is concurrent with the company's offering of €80 million five-year convertible Oceane bonds due Nov. 1, 2015.
The reverse book-building for the repurchase of the 2010 bonds is independent of the book-building for the placement of the new 2015 bonds.
At the end of the process, the company decided to repurchase and cancel 160,000, or 5.4%, of the 2010 bonds initially issued for a total nominal amount of €8.08 million.
The 2010 bonds will be repurchased at €50.50 each, which includes accrued interest.
The repurchase will take place on Oct. 8, which is the next trading day following the settlement of the 2015 bonds.
Because the amount of 2010 bonds repurchased represents less than 20% of the bonds initially issued, the company said it will not undertake a standing repurchase order for holders of the outstanding 2010 bonds.
However, it reserves the right to continue to repurchase the bonds off-market or in the market.
Societe Generale Corporate & Investment Banking is lead manager and joint bookrunner of the repurchase, which will be made outside the United States.
Club Mediterranee is a Paris-based vacation resort operator.
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