Michelin’s Convertible Bonds Fully Subscribed

Michelin has stated that its convertible bonds have been extended to 700 million euros under very favourable conditions for the company, including a 40 per cent premium to the share price (issued at EUR 104) and a yield of only 3.1 per cent (versus 2 per cent for the share). And dilution will be limited, restricted to only 6.7 million potential shares, which is less than 5 per cent of the current number of Michelin shares.

The settlement and delivery of the bonds is scheduled to take place on March 21.