Elis: Early Redemption of 2029 OCEANEs on October 13
The textile services group has informed holders of its convertible bonds maturing in 2029 that it will exercise its early redemption option, based on a contractual clause linked to its share price. Bondholders retain the possibility of converting their securities until a specified deadline.
Redemption at €100,129.45 per non-converted bond
Elis announced on September 11, 2026 the early redemption, on October 13, 2026, of all its convertible bonds into new shares and/or exchangeable into existing shares maturing in 2029 (OCEANEs) still in circulation at that date, with an initial amount of €380 million and bearing a coupon of 2.25% (ISIN FR001400AFJ9). This redemption will take place pursuant to the first paragraph of condition 1.10.1.3 (early redemption at the company's option) of the bond terms dated September 22, 2022. Except in the event of exercise of their conversion or exchange right, bondholders will be reimbursed in cash at a price of €100,129.45 per bond, corresponding to the nominal value of €100,000 increased by €129.45 of accrued interest.
Conversion possible until October 2, maximum 10.21% of capital
The triggering of the option is based on verification by the calculation agent Conv-Ex Advisors Limited that the arithmetic average, over 20 consecutive trading days from August 11 to September 7, 2026, of the daily product of the volume-weighted average share price and the conversion ratio exceeded 130% of the nominal value of each bond. Bondholders may exercise their conversion or exchange right provided that the request is made by October 2, 2026 at the latest. As of the notice date, 3,800 bonds remain in circulation out of 3,800 initially issued, with a current conversion ratio of 6,256.8564 shares per bond. In the event of exercise by all bondholders, a maximum of 23,776,054 Elis shares could be delivered, representing approximately 10.21% of current capital. The group states its intention to use existing shares held following the completion of its share buyback program on July 9, 2026, in order to limit the number of new shares likely to be issued.
