Capital/Financing Update • Sep 23, 2013
Capital/Financing Update
Open in ViewerOpens in native device viewer
Wendel has successfully executed a private placement of bonds maturing in 2019, simultaneously realised with a repurchase of bonds maturing in 2014.
Wendel undertook this transaction following requests from some investors to sell their 2014 bonds and to buy 2019 bonds, at market prices.
In this context, €80 million (par value) in bonds maturing in 2014 were repurchased at a yield of 1.34%, and €100 million (par value) in bonds maturing in 2019 were issued at a yield of 4.17%. They will form a single series with the existing 2019 bonds.
This transaction contributes to Wendel's objective of financial flexibility, while controlling the cost thereof.
Features of the 2014 and 2019 series following this transaction:
| November 2014 | September 2019 | |
|---|---|---|
| New total (at par value) | €486.8 M | €600 M |
| Maturity | November 4, 2014 | September 17, 2019 |
| Coupon | 4.875% | 5.875% |
| Listing | Luxembourg stock exchange | Euronext Paris |
| S&P Rating | Long term: BB+, stable outlook |
The repurchase of 2014 bonds and the private placement of 2019 bonds were carried out by Oddo et Cie.
This press release is for information purposes only and does not constitute an offer to sell or a solicitation to purchase any securities in any jurisdiction. The securities referred to in this press release have not been and will not be offered for sale or purchase to the public in any jurisdiction.
In France, a listing prospectus will be submitted to the approval of the Autorité des marchés financiers for a listing of the 2019 bonds on the regulated market of Euronext Paris. Settlement-delivery remains subject to this approval.
This press release is not an offer for sale or purchase within the United States of any security of Wendel or any of its affiliates. Securities of Wendel or any of its affiliates may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933, as amended, or unless exempt from such registration.
Release, publication or distribution of this press release is prohibited in any jurisdiction where such release, publication or distribution would violate applicable laws or regulations.
November 8: Publication of third-quarter 2013 net sales (pre-market release) December 5: Investor Day – Publication of net asset value
Wendel is one of Europe's leading listed investment firms. The Group invests internationally, in companies that are leaders in their field, such as Bureau Veritas, Saint-Gobain, Materis and Stahl. Wendel plays an active role as industry shareholder in these companies. It implements long-term development strategies, which involve boosting growth and margins of companies so as to enhance their leading market positions. Through Oranje-Nassau Développement, which brings together opportunities for investment in growth, diversification and innovation, Wendel is also a shareholder of Van Gansewinkel Groep in the Netherlands, exceet in Germany, Mecatherm and Parcours in France and IHS in Africa. Wendel is listed on Eurolist by Euronext Paris.
Standard & Poor's ratings: Long term: BB+, stable outlook; short term: B since April 24, 2013.
Wendel is the Founding Sponsor of Centre Pompidou-Metz. In recognition of its long-term patronage of the arts, Wendel received the distinction of "Grand Mécène de la Culture" on March 23, 2012.
Christine Anglade-Pirzadeh: +33 (0)1 42 85 63 24 Olivier Allot : +33 (0)1 42 85 63 73 [email protected] [email protected]
Media contacts Analyst and investor contacts
Christèle Lion: +33 (0)1 42 85 91 27 [email protected]
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.