Valeo buys back 22.22% of €400 million bonds due 2013

By Toni Weeks

San Diego, Jan. 17 - Valeo SA announced the results of its repurchase offer for €400 million of notes due 2013.

According to a company news release, €88,862,000, or 22.22%, of the outstanding bonds were repurchased. The company originally issued €600 million of the notes in June 2005.

The repurchase offer was launched simultaneously and in connection with a placement of €500 million of new 5.75% bonds due 2017.

The transactions will lengthen and smooth Valeo's debt maturity profile by reducing the 2013 maturity and creating a new maturity of 2017 for the new issue of bonds, the news release said.

Valeo is a Paris-based automotive production company.

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