Capital/Financing Update • Apr 11, 2011
Capital/Financing Update
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NOT FOR DISTRIBUTION IN THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN.
Wendel announced a successful transaction today involving the issue of €300 million bonds due in April 2018.
The net proceeds of this issue will be completely used to redeem banking debt with much shorter maturities. This transaction is therefore in line with the strategy initiated by Wendel in 2010 to increase the use of bond debt while reducing banking debt's amounts.
Oversubscribed, the issue was placed with an international base of investors including UK investors (30%), Swiss (19%), Nordics (8%), German (5%) and French (24%).
Details
| Nominal | €300 m |
|---|---|
| Maturity | April 20th, 2018 |
| Reoffer / Issue price | 99.324% |
| Yield | 6.875% |
| Coupon | 6.75% |
| Listing | Euronext Paris |
| Rating | Long term, BB-,stable outlook (Standard & Poor's) |
Frédéric Lemoine, Chairman of the Executive Board, commented that: "Wendel achieved this transaction with the help of BNP Paribas, Natixis and Société Générale, and set it up from Paris market. Wendel heeds thereby the calls of Mrs Christine Lagarde to raise bonds volume taking place in Paris by issuers as those of Paris Europlace, organization to which Wendel has recently increased its involvement."
This announcement does not constitute a public offering of securities in the United States. The securities may not be offered or sold within the United States without being subject to registration or exemptions under the U.S. Securities Act of 1933, as amended. Wendel has no intention to have the bonds registered in full or in part in the United States and has no intention to make any public offering of securities in the United States.
This announcement constitutes advertising and shall not constitute a prospectus for the purposes of EU Directive 2003/71/EC (the "Directive"). A prospectus will be prepared and will be made available to the public in accordance with the Directive in connection with the admission to trading of the bonds on the regulated market of NYSE Euronext in Paris.
This announcement does not constitute a public offering of securities in France nor in any other jurisdiction. The bonds are subject to a private placement in France reserved to (i) persons licensed to provide the investment service of portfolio management for the account of third parties and/or (ii) qualified investors (investisseurs qualifiés) investing for their own account, both as defined in, and in compliance with Articles L. 411-2 and D. 411-1 to D. 411-3 of the French Monetary and Financial Code, and in other jurisdictions.
No prospectus has been approved in connection with such placement by the competent authority of another State that is a contracting party to the Agreement on the European Economic Area.
No action shall be taken by Wendel in connection with this placement to allow a public offering in France or in any other jurisdiction.
The distribution of this announcement in jurisdictions where it may constitute a violation of applicable law is prohibited.
The distribution of this announcement to persons located in the United Kingdom shall be limited to situations where Section 21(1) of the Financial Services and Markets Act 2000 does not apply.
Wendel is one of Europe's leading listed investment firms. The Group invests in France and abroad, in companies that are leaders in their businesses: Bureau Veritas, Legrand, Saint-Gobain, Materis, Deutsch and Stahl. Wendel plays an active role as industry shareholder. 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 gathers growth, diversification and innovative investment opportunities, Wendel is also invested in VGG in the Netherlands, Helikos in Germany, and will soon be invested in Parcours in France. Wendel is listed on Eurolist by Euronext Paris.
Standard & Poor's rating: Long term BB-, stable outlook – Short term B since 19 July 2010.
Wendel is the Founding Sponsor of the Centre Pompidou-Metz, which has hosted nearly 700,000 visitors since its opening in May 2010.
Anne-Lise Bapst:+ 33 (0) 1 42 85 63 24 Laurent Marie: +33 (0)1 42 85 91 31 [email protected] [email protected] Christèle Lion: + 33 (0) 1 42 85 91 27 Olivier Allot: +33 (0)1 42 85 63 73 [email protected] [email protected]
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