March 3, 2020 / 5:34 PM / a month ago

BRIEF-Korian Announces Success Of Its Offering Of Convertible Bonds For Around 400 Million Euros

March 3 (Reuters) - KORIAN SA:

* SUCCESS OF ITS OFFERING OF BONDS CONVERTIBLE INTO NEW SHARES AND/OR EXCHANGEABLE FOR EXISTING SHARES (OCEANES) DUE 2027 FOR A NOMINAL AMOUNT OF APPROXIMATELY EUR 400 MILLION

* SETTLEMENT DATE OF BONDS IS EXPECTED TO TAKE PLACE ON 6 MARCH 2020 (“ISSUE DATE”)

* SAYS THE BONDS WILL BE ISSUED AT PAR AND THEIR NOMINAL UNIT VALUE HAS BEEN SET AT 61.53 EUROS, CORRESPONDING TO A PREMIUM OF 55% ABOVE THE COMPANY’S SHARE REFERENCE PRICE

* CONVERSION/EXCHANGE RATIO IS SET AT ONE SHARE PER BOND (SUBJECT TO STANDARD ADJUSTMENTS IN CERTAIN CASES, AS DESCRIBED IN CONDITIONS OF BONDS)

* NET PROCEEDS OF OFFERING WILL BE USED BY CO TO FINANCE ITS GENERAL CORPORATE NEEDS, ITS GROWTH, INCLUDING REAL ESTATE INVESTMENTS, ACQUISITIONS, REFINANCING OF ACQUISITIONS CARRIED OUT DURING Q1

* FROM ISSUE DATE UNTIL MATURITY DATE, BONDS WILL BEAR INTEREST AT A NOMINAL ANNUAL RATE OF 0.875% PAYABLE ANNUALLY IN ARREARS ON 6 MARCH OF EACH YEAR Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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