On October 14, 2009, Calyon acted on behalf of Artemis as the lead arranger and bookrunner for the EUR 300 million issue of bonds exchangeable for Vinci shares. In addition to Calyon, BNP Paribas acted as associate bookrunner. The issue involves approximately 29% of the Vinci shares currently held by Artemis.

 

The bonds, with a 4.25% coupon and a face value carrying a 30% premium relative to the Vinci share, will come due on January 1, 2015.

 

“The deal was highly sought-after as soon as the books were opened. We therefore felt we could lower the coupon on the bonds.” explain Olivier Jacquet, Managing Director Equity Capital Markets, and Benoît Bout, Head of Equity-Linked at Calyon.

 

The transaction is part of Artemis’s strategy to optimise its financial structure. The funds raised will primarily be substituted for existing loans and will enable a lengthening of the average maturity of its debt.

 

In 2006, as the bookrunner for Artemis, Calyon managed one of the largest exchangeable bond issues in recent years, worth EUR 1 billion.

 

Artemis is the holding company that manages the equity interests of the Pinault family in companies such as PPR, Château-Latour and Christie’s.