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Pierre & Vacances Group repurchases €61M bonds

Pierre & Vacances Group repurchased roughly €60.9 million of outstanding net share settled bonds due Oct. 1, 2019.

The company solicited indications from certain holders of the 2019 bonds concurrently with the Nov. 30 launch of its issuance of ORNANEs, or bonds that are convertible into new shares and/or exchangeable for existing shares, due April 1, 2023.

The company said it repurchased 1,308,542 2019 ORNANEs, reflecting roughly 41.4% of the initially issued 2019 ORNANEs, for €46.53 apiece. The price was equivalent to the average of the daily volume-weighted average price of each of the company's share on Euronext Paris from Nov. 30 to Dec. 4 plus 45 cents.

Pierre & Vacances Group is launching an off-market centralized repurchase procedure for the remaining ORNANEs during the trading period between Dec. 8 and Dec. 14, both dates included, at the same price. Settlement of the expected repurchases is slated for Dec. 18, and the repurchased ORNANEs will be canceled on the same date.

BNP Paribas, Crédit Agricole Corporate and Investment Bank and Natixis acted as joint global coordinators and joint book runners for the offering and the repurchase of the 2019 ORNANEs, and along with CM-CIC Market Solutions, acted as managers. CM-CIC Market Solutions also served as co-lead manager.

BNP Paribas Securities Services is acting as centralizing agent for the centralized repurchase procedure.