Safran Announces Early Redemption of Outstanding 2028 OCEANEs

Safran Announces Early Redemption of Outstanding 2028 OCEANEs

(IN BRIEF) Safran has announced the early redemption of all outstanding 2028 convertible bonds (OCEANEs) in accordance with the bond’s terms and conditions. The company has verified, through a calculation agent, that the conditions for early redemption have been met. The redemption will take place on April 1, 2025, with the bonds being redeemed at their par value of €180.89. Bondholders retain the right to convert their bonds into shares until March 21, 2025. If not converted, the bonds will be redeemed as per the outlined terms. The redemption process will be managed by Uptevia, the centralizing agent, and holders can access further information on Safran’s website.

(PRESS RELEASE) PARIS, 28-Feb-2025 — /EuropaWire/ — Safran (EPA: SAF), a French multinational aircraft engine, rocket engine, aerospace-component and defense company, has officially notified holders of its outstanding 2028 convertible bonds (ISIN FR0014003Z32), initially due on April 1, 2028, that it will proceed with the early redemption of all remaining 2028 OCEANEs in accordance with the terms and conditions set forth in the bond agreement.

Following the procedures outlined in section 9.3.1 of the bond’s terms, Safran, at its request, engaged Aether Financial Services, acting as the calculation agent, to verify that, over a 20 consecutive trading day period from January 31, 2025, to February 27, 2025, the average of the daily products of the volume-weighted average trading price of Safran shares and the applicable conversion ratio exceeded 130% of the par value of the 2028 OCEANEs.

The early redemption will take place on April 1, 2025, with the bonds being redeemed at their par value of €180.89 per 2028 OCEANE. In accordance with section 9.3.3 of the terms, holders of the 2028 OCEANEs retain the right to exercise their conversion option until March 21, 2025, the seventh trading day preceding the Early Redemption Date. Holders who do not exercise their conversion rights by this date will have their bonds redeemed as per the conditions outlined in the notice.

The centralizing agent for the redemption remains unchanged, though the company now operates under a new name and address: Uptevia, located at Cœur Défense Tour A – 90-110 Esplanade du Général de Gaulle, 92400 Courbevoie.

Out of the 4,035,601 OCEANEs issued in 2021, 226,496 have already been converted, leaving 3,809,105 OCEANEs still outstanding.

Holders of the 2028 OCEANEs are encouraged to review the full terms and conditions, which are available on Safran’s website in the Finance section under Regulated Information – Prospectus / Securities Issues / Operations.

IMPORTANT
This notice and the information it contains are not an offer to sell or solicit an offer to buy Safran securities, in or from any jurisdiction, to or from any person.

Media contact:

Press relations
Catherine Malek
Safran
catherine.malek@safrangroup.com

SOURCE: Safran