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Pinault's holding group launches Kering 375 million-euro convertible bond offer
September 19, 2017 / 6:36 AM / in a month

Pinault's holding group launches Kering 375 million-euro convertible bond offer

The logo of Kering is seen during the company's 2015 annual results presentation in Paris, France, February 19, 2016. REUTERS/Charles Platiau

PARIS (Reuters) - The family holding company of Francois Pinault has launched a bond offer worth 375 million euros (332.04 million pounds), giving investors exposure to shares in Pinault’s luxury goods group Kering (PRTP.PA).

Pinault’s Artemis holding company announced the bond launch on Tuesday. Investors will have the right to exchange their bonds into a cash amount which will be determined based on the performance of Kering’s shares, added Artemis.

It said the bonds would have a par value of 100,000 euros per bond and bear no interest.

The bonds will be issued on Sept. 22 at a price between 100.5-104.0 percent of their nominal value, corresponding to an annual gross yield to maturity between -0.71 percent to -0.09 percent. They will also be redeemed at par on March 31, 2023.

The initial exchange price will represent an issue premium of 35 percent over a Kering share reference price.

Credit Agricole (CAGR.PA), Natixis (CNAT.PA) and SocGen (SOGN.PA) are managing the bond issue.

Reporting by Sudip Kar-Gupta; Editing by Mathieu Rosemain

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