January 5, 2018 / 6:54 AM / 6 months ago

BRIEF-‍Michelin Launches An Offering Of Non-Dilutive Cash-Settled Convertible Bonds Due 2023 For $500 Million

Jan 5 (Reuters) - Michelin:

* ‍MICHELIN LAUNCHES AN OFFERING OF NON-DILUTIVE CASH-SETTLED CONVERTIBLE BONDS DUE 2023 FOR $500 MILLION

* MICHELIN SAYS OFFERING MAY BE INCREASED UP TO $600 MILLION IF THE INCREASE OPTION IS EXERCISED IN FULL

* MICHELIN WILL PURCHASE CASH-SETTLED CALL OPTIONS TO HEDGE ITS ECONOMIC EXPOSURE TO POTENTIAL EXERCISE OF THE CONVERSION RIGHTS EMBEDDED IN THE BONDS

* MICHELIN SAYS THE BONDS WILL NOT RESULT IN THE ISSUANCE OF NEW SHARES OR THE DELIVERY OF EXISTING SHARES OF MICHELIN UPON CONVERSION

* MICHELIN INTENDS TO USE THE NET PROCEEDS OF THE ISSUANCE OF THE BONDS FOR GENERAL CORPORATE PURPOSES, INCLUDING PURCHASE OF CASH-SETTLED CALL OPTIONS Further company coverage: (Reporting by Mathieu Rosemain)

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