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BRIEF-Michelin launches $400 mln non-dilutive cash-settled convertible bond issue
January 5, 2017 / 6:58 AM / 9 months ago

BRIEF-Michelin launches $400 mln non-dilutive cash-settled convertible bond issue

Jan 5 (Reuters) - Michelin :

* Launches an offering of non-dilutive cash-settled convertible bonds due 2022 for $400 million

* May be increased up to $500 million if the increase option is exercised in full.

* Michelin intends to use the net proceeds of the issuance of the bonds for general corporate purposes

* Bonds will have a nominal value of $200,000 per Bond and will not bear interest

* Bonds will be issued at an issue price of 98% to 100% of their nominal value, corresponding to an annual gross yield to maturity of 0% to 0.40%, on January 10, 2017, the expected settlement date of the Bonds

* Bonds will be redeemed at par on January 10, 2022

* Initial conversion price (the “Initial Conversion Price”) will represent an issue premium of 23% to 28% over a Michelin Share Reference Price

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