Michelin: launches convertible bond issue
(CercleFinance.com) - Michelin today announces the launch of a non-dilutive convertible bond issue, redeemable only in cash, and maturing in 2023, representing a nominal amount of 500 million dollars.
This amount may be increased to 600 million dollars in case of a full exercise of the extension clause. Michelin intends to use the net proceeds of the bond issue for general purposes as well as the purchase of options related to the transaction.
The definitive terms of the bonds will be announced later today, with the exception of the reference price and the initial conversion price, which will be announced at the end of the reference period, which is expected to end on 19 January 2018.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
This amount may be increased to 600 million dollars in case of a full exercise of the extension clause. Michelin intends to use the net proceeds of the bond issue for general purposes as well as the purchase of options related to the transaction.
The definitive terms of the bonds will be announced later today, with the exception of the reference price and the initial conversion price, which will be announced at the end of the reference period, which is expected to end on 19 January 2018.
Copyright (c) 2018 CercleFinance.com. All rights reserved.