DGAP-News: Orco Germany executes bond deleveraging (deutsch)

Orco Germany executes bond deleveraging

DGAP-News: ORCO Germany S.A. / Key word(s): Bond Orco Germany executes bond deleveraging

10.05.2012 / 08:39

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Orco Germany executes bond deleveraging

Paris, 10 May 2012 - On 9 May 2012, Orco Germany ('OG') deleveraged a significant majority of its bonds registered under ISIN code XS0302623953. Approximately 84.5% of the OG bonds were converted into Obligations Convertibles en Actions (the 'OCA') issued by Orco Property Group ('OPG'). These OG bonds will then be equitized into new OG shares. The remaining 15.5% of OG bonds can then be exchanged into EUR 20 million of new notes to be issued by OPG, the main terms of which were described in OPG's 18 April 2012 press release.

This conversion of OG bonds into OCA decreases OG's bond debt by approximately EUR 109 million (including interest and redemption premium) and reduces OG's leverage ratio from 78% to 63%.

On or about 14 May 2012, approximately 70% of the OCA issued by OPG will be converted into a total of 18,361,540 new OPG shares. Whether the remaining 30% of the OCA will then be converted into an additional 7,848,073 new OPG shares and the timing of such a potential conversion depend on the decision of the Paris Commercial Court regarding OPG's request to modify its Safeguard plan. The hearing on this request is scheduled to take place on or around 14 May 2012.

For further detailed information please visit our website on:

http://www.orcogermany.de/


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10.05.2012 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement.

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Language: English
Company: ORCO Germany S.A.
42, rue de la Vallée
L-2661 Luxembourg
Grand Duchy of Luxembourg
Phone: +49 (0)30 390 93 116
Fax: +49 (0)30 390 93 199
E-mail: patricia.jaenisch@orco-gsg.de
Internet: www.orcogermany.de
ISIN: LU0251710041
WKN: A0JL4D
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Düsseldorf, Stuttgart


End of News DGAP News-Service
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169082 10.05.2012


Quelle: dpa-AFX