Aperam announces Intention to redeem convertible and/or exchangeable Bonds

by Hans Diederichs

Aperam announces its intention to redeem its U.S.$300,000,000 0.625 per cent. Net Share Settled Convertible and/or Exchangeable Bonds due 2021 (ISIN XS1084287322) (the "Bonds"), exchangeable into ordinary registered shares of Aperam, of which U.S.$27,600,000 in aggregate principal amount remains outstanding.

On the date hereof, Aperam hereby gives notice that it will redeem all but not some only of the outstanding Bonds at their principal amount plus any accrued interest on 4 November 2019. The redemption will occur in connection with the exercise by Aperam of its option to redeem the Bonds pursuant to Condition 7(b)(ii) (Redemption at the Option of the Issuer) of the Bonds.

As at the date hereof, the Bonds have a conversion price of U.S.$37.45. On 30 September 2019, the closing price of an ordinary registered share of Aperam on Euronext Amsterdam was EUR22.34. Conversion rights may be validly exercised by bondholders so long as they have a Conversion Date not later than 18 October 2019. The accrued interest payable in respect of each Bond in the principal amount of U.S.$200,000 will be U.S.$402.78.

Information on the Bonds

On 8 July 2014, Aperam issued net share settled convertible and/or exchangeable bonds for an aggregate principal amount of U.S.$300,000,000 due 8 July 2021. The Bonds have a nominal value of U.S.$200,000 each and are listed on the Open Market (Freiverkehr) segment of the Frankfurt Stock Exchange.

The Bonds are governed by English law.

Source: Aperam S.A.    Photo: Fotolia              

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