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Veolia: E500m convertible bond issue

(CercleFinance.com) - Veolia announces the launch of an "OCEANE" convertible bond issue maturing on 1 January 2025, through a private placement for a nominal amount of 500 million euros, which may be increased to a maximum of 700 million euros in the event of a full exercise of the extension clause.

The net proceeds of the issue will be used for the partial or total refinancing of existing OCEANEs maturing on 15 March 2021. The balance of any net proceeds will be used to fund the Utilities group's general needs.

The bonds will be issued at a price between 103.25% and 106.05% of their par value, which corresponds to a yield at maturity of between -1.10% and -0.60%. The definitive terms are to be determined today, with settlement-delivery scheduled for 12 September.

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