Cap Gemini buys back 21% of its Oceanes due 2010 at €51.501 for total of €97.75 million

By Susanna Moon

Chicago, April 28 - Cap Gemini SA said it repurchased 1,898,017 of its convertible bonds due Jan. 1, 2010, which are in the Oceane structure, at €51.501 on April 21 in off-market transactions for a total of €97,747,875.

Following the off-market repurchases, representing 21% of the €460 million principal amount issued in 2003, the company placed a standing repurchase order of five consecutive trading days between April 22 and April 28 on the market in France.

The offer ended Tuesday and allowed the company to repurchase 3,260,474 Oceane at €51.50 for a total of €167,914,411, according to a press release.

Cap Gemini said the total number of Oceane bonds repurchased through off-market transactions and the standing repurchase order is 5,158,491 for a total of €265,662,286.

There are now 3,861,116 Oceane bonds outstanding, representing 42.8% of the amount issued.

The company said it reserves the right to continue to repurchase Oceane bonds in on- or off-market deals, after the standing repurchase order period.

If the company buys notes representing a block of 10% or more of the initial principal amount, however, it will implement within two market days a new standing repurchase period of at least five consecutive trading days.

The repurchase price will be the company's highest purchase price during the past 12 months plus accrued interest between the repurchase date and the preceding payment date.

The standing repurchase offer was managed by BNP Paribas.

Cap Gemini is a Paris-based consulting and outsourcing company.

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