Rating of Bonds Convertible into and/or Exchangeable for New or Existing Shares (OCEANE) Due January 1, 2019
(ISIN: FR0010354670)
Regulatory News:
Nexans (Paris:NEX) :
Results of the standing repurchase order of outstanding 2013 OCEANE
Following a reverse bookbuilding process carried out on February 21, 2012, Nexans (the "Company") repurchased 1,309,625 bonds convertible into and/or exchangeable for new or existing shares due January 1, 2013 (the "2013 OCEANE"), representing approximately 34.5% of the total principal amount of the 2013 OCEANE originally issued, at a unit price of € 86 equal to the 2013 OCEANE early redemption price1 (including the redemption premium) increased by a premium of 2.4%, for a total amount of approximately € 112.6 million.
Following these off-market repurchases, in order to ensure the fair treatment of all 2013 OCEANE holders, Nexans initiated a repurchase procedure on the market in France (procédure de désintéressement). The Company thus placed a standing repurchase order on the market in France for a period of five consecutive trading days, from March 2, 2012 (inclusive) to March 8, 2012 (inclusive), at a price equal to the price paid to 2013 OCEANE holders who sold their 2013 OCEANE in connection with the off-market transactions, i.e., € 86 per 2013 OCEANE.
The standing repurchase order ended today and enabled the Company to repurchase 1,474,802 2013 OCEANE, representing approximately 38.9% of the total principal amount of the 2013 OCEANE originally issued, at a unit price of € 86 per 2013 OCEANE for a total amount of € 126,832,972.
The repurchased 2013 OCEANE will be cancelled in accordance with the law and their terms of issuance.
The total number of 2013 OCEANE repurchased by Nexans pursuant to the off-market transactions and the standing repurchase order equals 2,784,427 2013 OCEANE representing 73.4% of the amount initially issued. Therefore, there are now 1,009,610 2013 OCEANE outstanding, representing 26.6% of the amount initially issued.
The Company reserves the right to continue in the future to repurchase 2013 OCEANE, on or off-market. However, if the Company repurchases 2013 OCEANE representing a block of 10% or more of the initial principal amount of initially issued 2013 OCEANE, the Company will undertake to implement, within two market days of such repurchases representing a block of 10%, a new repurchase procedure lasting at least five consecutive trading days at a repurchase price per 2013 OCEANE equal to the sum of (i) the highest purchase price (after subtraction of accrued and unpaid interest) of purchases made by the Company during the last twelve months and (ii) the accrued and unpaid interest on the 2013 OCEANE between the repurchase date and the latest interest payment date. If this is the case, the Company shall inform the market on the day before the launch of any such new repurchase procedure.
The repurchase of the 2013 OCEANE was led by HSBC and Société Générale Corporate & Investment Banking acting as Joint Lead-Managers and Joint Bookrunners.
Rating of the OCEANE issuance due January 1, 2019
On March 6, 2012, Standard & Poor's Ratings Services assigned a rating of BB+ to the issuance of € 275 million of bonds convertible into and/or exchangeable for new or existing shares (OCEANE), due January 1, 2019.
About Nexans
With energy as the basis of its development, Nexans, the worldwide leader in the cable industry, offers an extensive range of cables and cabling systems. The group is a global player in the infrastructure, industry, building and local area network markets. Nexans addresses a series of market segments from energy, transport and telecom networks to shipbuilding, oil and gas, nuclear power, automotive, electronics, aeronautics, handling and automation.
Nexans is a responsible industrial company that regards sustainable development as integral to its global and operational strategy. Continuous innovation in products, solutions and services, employee development and engagement, and the introduction of safe industrial processes with limited environmental impact are among the key initiatives that place Nexans at the core of a sustainable future.
With an industrial presence in 40 countries and commercial activities worldwide, Nexans employs 24,500 people and had sales in 2011 of nearly €7 billion. Nexans is listed on NYSE Euronext Paris, compartment A.
For more information, please consult www.nexans.com or http://www.nexans.mobi
The distribution of this press release in certain jurisdictions may be restricted by law. Persons into whose possession this press release comes are required to inform themselves about, and to observe, any such legal or regulatory restrictions. This press release does not constitute an offer to buy or the solicitation of an offer to sell the 2013 OCEANE.
1 The early redemption price was determined so that such price increased by the interest accrued since the last interest payment date until the anticipated early redemption date, and, taking into account any interest already paid, ensures, as of the date of early redemption, a gross yield to maturity equal to 3.75% per year.
Contacts:
Nexans
Press
Angéline Afanoukoé, +33(0)1 73 23
84 12
angeline.afanoukoe@nexans.com
or
Investor
Relations
Michel Gédéon, + 33 (0)1 73 23 85 31
michel.gedeon@nexans.com
