On June 30, 2009, Calyon was the joint lead manager and bookrunner (along with BNP Paribas and Lazard-Natixis) in an offering for Maurel & Prom of OceaneBonds convertible into new or existing shares. The issuer of Oceanes may convert them into either new shares issued specifically for this purpose or existing shares that it is holding, for example following a share buy back (source: Vernimmen.net). . The bonds, which mature on July 31, 2014, have a nominal amount of approximately EUR 259 million, which has been raised to EUR 298 million with the overallotment option exercise. The issue and settlement/delivery date was on July 7, 2009.

The purpose of the offering is the partial early redemption of the Oceane maturing January 1, 2010, currently being carried out through a reverse bookbuilding process concurrent with a bookbuilding process on the new offering.

The bond’s per value was set at EUR 15.60, representing a 30% premium relative to the benchmark price, or the high end of the initially offered range of 25% to 30%. Each bond comes with a 7.125% annual coupon, which is in the middle of the proposed range of 6.75% to 7.50%. The transaction was a major success with directional investors, who accounted for approximately 80% of the allocations. French investors made up 50% of the allocations, with the balance distributed primarily to U.K. and Swiss investors.

Read the interview of Didier Gaffinel, Managing Director Equity Capital Markets and Frank Pluta, Head of RBL activities and in charge of Maurel & Prom's coverage