Last month Agfa issued an unconditional offer to exchange its fixed rate bonds that were due to expire 2 June 2015 for new bonds that would expire in 2019, with a higher gross coupon value of 5.35 percent (over 4.375 percent).
These bonds had a collective value of €189,000 but only €42,329,000 were tendered into the Exchange Offer, leaving €146,671,000 outstanding, which Agfa will duly cancel. Agfa has said that it won’t re-open the Exchange Offer.
Kris Hoornaert, CFO of the Agfa-Gevaert Group, commented: “The operation was considered to be an opportunity in light of the current market conditions and the achieved result is fully in line with our expectations.”
The New Bonds, representing an aggregate nominal amount of EUR 42,329,000, will be issued on 2 June 2014. The New Bonds will be listed on the regulated market of NYSE Euronext Brussels.