Safran closes successful convertible bond offering

Safran has successfully placed a €730 million convertible bond offering. The issued bonds are convertible into new shares and/or exchangeable for existing shares (OCEANEs) due 1 April 2028. Net proceeds will be used to refinance part or all of the outstanding OCEANEs due 21 June 2023, with the remainder used for general corporate purposes. Safran also intends to exercise its early redemption under the clean-up call option provided in the terms and conditions of the 2023 OCEANEs. The bonds will not bear interest and will be issued at a price of 103.5% of par, corresponding to an annual gross yield