Veolia Environnement Announces Bond Repurchase Invitation

Veolia Environnement, based in Aubervilliers, has announced the launch of a repurchase program regarding its outstanding convertible bonds due in January 2025. The company aims to buy back approximately €350 million worth of these bonds through a reverse bookbuilding process, with the possibility of increasing this amount to the full nominal value of the bonds. This process will involve collecting irrevocable orders from bondholders interested in selling their 2025 bonds.

As of August 1, 2024, the total principal amount of these bonds outstanding was approximately €700 million. The initial repurchase price per bond is set between €31.35 and €31.58, subject to adjustment based on the volume-weighted average price (VWAP) of the company's shares on the Euronext Paris on August 2, 2024.

Results from the reverse bookbuilding process are expected to be announced later today. Settlement is scheduled for August 9, 2024, with the company reserving the right to repurchase all or part of the bonds offered. Accepted bonds will be canceled accordingly. Should the repurchase result in fewer than 20% of the original bonds remaining, the company may redeem the rest at par value using a Clean-Up Call option.