DGAP-News: Orco Germany executes bond deleveraging
ID: 635315
Orco Germany executes bond deleveraging
10.05.2012 / 08:39
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Orco Germany executes bond deleveraging
Paris, 10 May 2012 - On 9 May 2012, Orco Germany ('OG') deleveraged a
significant majority of its bonds registered under ISIN code XS0302623953.
Approximately 84.5% of the OG bonds were converted into Obligations
Convertibles en Actions (the 'OCA') issued by Orco Property Group ('OPG').
These OG bonds will then be equitized into new OG shares. The remaining
15.5% of OG bonds can then be exchanged into EUR 20 million of new notes to
be issued by OPG, the main terms of which were described in OPG's 18 April
2012 press release.
This conversion of OG bonds into OCA decreases OG's bond debt by
approximately EUR 109 million (including interest and redemption premium)
and reduces OG's leverage ratio from 78% to 63%.
On or about 14 May 2012, approximately 70% of the OCA issued by OPG will
be converted into a total of 18,361,540 new OPG shares. Whether the
remaining 30% of the OCA will then be converted into an additional
7,848,073 new OPG shares and the timing of such a potential conversion
depend on the decision of the Paris Commercial Court regarding OPG's
request to modify its Safeguard plan. The hearing on this request is
scheduled to take place on or around 14 May 2012.
For further detailed information please visit our website on:
http://www.orcogermany.de/
End of Corporate News
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10.05.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: ORCO Germany S.A.
42, rue de la Vallée
L-2661 Luxembourg
Grand Duchy of Luxembourg
Phone: +49 (0)30 390 93 116
Fax: +49 (0)30 390 93 199
E-mail: patricia.jaenisch@orco-gsg.de
Internet: www.orcogermany.de
ISIN: LU0251710041
WKN: A0JL4D
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Düsseldorf, Stuttgart
End of News DGAP News-Service
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169082 10.05.2012
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Datum: 10.05.2012 - 08:39 Uhr
Sprache: Deutsch
News-ID 635315
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