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FINANCIAL STATEMENTS
6
PARENT COMPANY FINANCIAL STATEMENTS
The characteristics of the bonds constituting Assystem SA’s bond debt are set out below.
Characteristics of the Ornane bonds
In July 2011, Assystem SA issued Ornane bonds (redeemable in cash and/or in new or existing shares), with a maturity date of 1 January 2017.
The Group may opt for either of the following repayment procedures:
Share price less than or equal to bond nominal value
Share price higher than bond nominal value
Option 1 Redemption in new and/or existing shares
Face value and overperformance premium paid in new and/or existing shares
Option 2 Redemption in cash
Face value redeemed in cash and overperformance premium paid
in new and/or existing shares
The Ornane bonds are not subject to any bank covenants, and no collateral was given in connection with the financing.
Characteristics of the Odirnane bonds
The Company’s Odirnane bonds (perpetual bonds redeemable in cash
and/or in new or existing shares) are perpetual hybrid instruments,
given that holders do not have a redemption option. The instruments are
redeemable in the event that the Company is liquidated, in which case
payment would include accrued coupons and any deferred coupons.
Payment of the coupons is at Assystem’s discretion and may be deferred
when Assystem does not approve a dividend payment. If coupons
are not paid, they remain due and take the form of arrears on which
interest is paid at the rate applied for the purpose of calculating the
bond coupons.
In July 2014 Assystem SA issued Odirnane bonds with a fixed coupon
of 4.50% until 17 July 2021 and a floating-rate coupon as from 17 July
2021, corresponding to the 6-month Euribor plus a margin of 800 basis
points (step-up clause). In the event of a change of control of the
Company or an event relating to the Company’s free float, the annual
nominal rate will be stepped up by 500 basis points.
Bondholders have the option to convert their bonds into shares. The
issuer may, however, redeem the bonds in cash, and if the conversion
value exceeds the nominal value, both in cash and treasury shares of
a variable number, or in new and/or existing shares only, by applying
the conversion ratio.
In certain cases defined in the securities note dated 9 July 2014,
Assystem may redeem the Odirnane bonds by buying them back for a
pre-defined price (corresponding to their nominal value plus accrued
coupons and any arrears). In addition, Assystem may at any time,
buy back all or some of the outstanding bonds on the market from the
bondholders, at a price to be agreed upon.
ASSYSTEM
FINANCIAL REPORT
2015
142