Atari 2011 Annual Report Download - page 73

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ANNUAL FINANCIAL REPORT – REGISTRATION DOCUMENT
73
ORANE bonds issued in 2008 ("ORANE 2008 bonds")
On January 4, 2008, the Company issued 1,500,000 bonds redeemable for new or existing shares (ORANE bonds),
maturing on April 1, 2014. The bonds have a nominal value of €100 each (representing an aggregate amount of
€150 million) and are redeemable for 8.91 new or existing shares, taking into account the reverse stock split. The gross
and net proceeds of the issue came to €150 million and €144.1 million respectively. The bonds bear interest at an annual
rate of 0.5% – representing €0.50 per bond – payable in arrears on April 1 each year.
In December 2008, the Company launched a simplified public exchange offer relating to (i) the ORANE bonds issued by
the Company on January 4, 2008 (ISIN code FR0010560615) and (ii) the stock warrants issued by the Company on
December 22, 2006 and January 24, 2007. A total of 1,479,871 ORANE 2008 bonds – representing 99.6% of the bonds
still outstanding at January 27, 2009 – were tendered to the offer.
Taking into account the adjustment made to the related exchange parities on February 4, 2009, one ORANE 2008 bond
is redeemable for 8.94 new or existing shares. Taking into account the adjustment made to the related exchange parities
in January, 2010, one ORANE 2008 bond is redeemable for 9.97 new or existing shares.
As of March 31, 2011 there were 5,253 ORANE 2008 bonds outstanding. If all of the bonds were redeemed this would
result in the issue of 52,372 shares with a dilutive effect of 0.2% on the Company’s capital as of March 31, 2011.
ORANE 2009 BONDS (ISIN code: FR0010690081)
In January 2009, the Company issued 405,438 bonds redeemable for new or existing shares (ORANE bonds), maturing
on April 1, 2014. The bonds have a nominal value of €100 each (representing an aggregate amount of €40.5 million) and
are redeemable for 26.26 new or existing shares. The gross and net proceeds of the issue came to €40.5 million and
€37.6 million respectively. The bonds bear interest at an annual rate of 0.5% – representing €0.50 per bond – payable in
arrears on April 1 each year.
Taking into account the adjustment made to the related exchange parities in January 2010, one ORANE 2009 bond is
redeemable for 29.29 new or existing shares.
As of March 31, 2011 there were 384,945 of these ORANE 2009 bonds outstanding. If all the bonds were redeemed this
would result in the issue of 11,275,039 new shares with a dilutive effect on the Company’s capital of 46.3% as of
March 31, 2011.
ORANE 2009 BONDS (ISIN code: FR0010696153)
On February 11, 2009 the Company completed the simplified public exchange offer relating to (i) the ORANE bonds
issued by the Company on January 4, 2008 (ISIN code FR0010560615) and (ii) the stock warrants issued by the
Company on December 22, 2006 and January 24, 2007. A total of 1,479,871 ORANE 2008 bonds – representing 99.6%
of the bonds still outstanding at January 27, 2009 – were tendered to the offer, which resulted in the issue of 1,479,871
ORANE 2009 bonds. The ORANE 2009 bonds are subject to the same conditions as the ORANE 2008 bonds, except for
the conversion ratio which has been set at 17 new or existing shares for one ORANE 2009 bond (instead of 8.91 new or
existing shares for one ORANE 2008 bond). The bonds bear interest at an annual rate of 0.5% – representing €0.50 per
bond – payable in arrears on April 1 each year.
Taking into account the adjustment made to the related exchange parities in January 2010, one ORANE 2009 bond is
redeemable for 18.96 new or existing shares.
As of March 31, 2011 there were 1,335,591 of these ORANE 2009 bonds outstanding. If all the bonds were redeemed
this would result in the issue of 25,322,805 new shares with a dilutive effect on the Company’s capital of 104.1% as of
March 31, 2011.
(€ million) March 31, 2011 March 31, 2010
Short- and medium-term credit facility (historical) - -
New credit facility (cash) 42.4 5.3
Sub-total 42.4 5.3
New credit facility (standby) - -
Total amount drawn down under the BlueBay facility 42.4 5.3