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Essilor International SA Carries Out $300 Million US Private Placement Notes Issue On Favorable Terms

Tuesday, 2 Jul 2013 01:30am EDT 

Essilor International SA announced that it has carried out a $300 million US private placement notes issue with 18 investors. The senior unsecured notes have been issued to refinance a bank loan due in 2014. The issue will enable the Company to extend the average maturity of its debt and broaden its investor base. The program comprises five fixed or variable-rate tranches, with maturities ranging between 2017 and 2023. The very favorable terms of the transaction - with a 3.40% coupon rate offered on the 10-year tranche - attests to the US investors` confidence in Essilor`s financial strength. Initially announced as a $150 million transaction, the issue was more than seven times oversubscribed. 

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